Jabal Omar Development Co. swung to a net loss after Zakat and tax of SAR 682.4 million for the first half of 2020, versus net profit of SAR 31.4 million in year-earlier period.
The company attributed the performance to lower revenue from shutdown of hotels and malls due to the COVID-19 pandemic in addition to decrease in other income, higher allowances for expected credit losses and finance charges.
The loss was partially offset by lower general and administrative expenses and selling and marketing costs.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 474.64 | 159.99 | (66.3 %) |
| Gross Income | 72.62 | (139.75) | (292.4 %) |
| Operating Income | (57.49) | (282.46) | (391.3 %) |
| Net Income | 31.37 | (691.37) | (2304.0 %) |
| Average Shares | 929.40 | 929.40 | - |
| EPS (Riyals) | 0.03 | (0.74) | (2304.0 %) |
The developer turned to a net loss after Zakat and tax of SAR 465.2 million in Q2 2020, versus net profit of SAR 29.7 million in Q2 2019, driven by lower revenue from shutdown of hotels and malls due to the COVID-19 pandemic.
When compared to the previous quarter, Jabal Omar extended its losses.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 297.03 | 1.39 | (99.5 %) |
| Gross Income | 84.17 | (138.07) | (264.1 %) |
| Operating Income | 11.24 | (214.93) | (2012.0 %) |
| Net Income | 29.75 | (453.50) | (1624.3 %) |
| Average Shares | 929.40 | 929.40 | - |
| EPS (Riyals) | 0.03 | (0.49) | (1624.3 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 158.60 | 1.39 | (99.1 %) |
| Gross Income | (1.68) | (138.07) | (8,143.2 %) |
| Operating Income | (67.53) | (214.93) | (218.3 %) |
| Net Income | (237.86) | (453.50) | (90.7 %) |
| Average Shares | 929.40 | 929.40 | - |
| EPS (Riyals) | (0.26) | (0.49) | (90.7 %) |
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