Riyadh – Mubasher: Jabal Omar Development turned profitable in the fiscal year ended 15 Rajab 1438 Hijri.
The company achieved SAR 77.12 million in profits against SAR 119.5 million in losses in the year-ago period, according to a bourse filing on Thursday.
Jabal Omar attributed the profits posted to higher sales revenues from residential units and hotel revenues.
Moreover, the company intends to change its fiscal year system from the Hijri to the Gregorian year as per an integrated plan, the statement said.
Total revenues surged 165% to SAR 545 million in the period from 1 Safar 1438 to 15 Rajab 1438 Hijri, compared to SAR 205.31 million in the same period of the previous year.
