Jabal Omar Development Co. swung to a net profit after Zakat and tax of SAR 946.2 million in 2021, against a net loss of SAR 1.339 billion a year earlier.
The positive performance was driven by higher revenue, on eased COVID-19 restrictions. The real estate developer implemented cost optimization initiatives in 2021, and recognized a gain on sale of two land plots in Jabal Omar project, as announced on Tadawul on Dec. 13 2020 and Sept. 30, 2021, respectively.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 176.68 | 310.36 | 75.7 % |
| Gross Income | (424.69) | (224.64) | 47.1 % |
| Operating Income | (757.62) | (432.35) | 42.9 % |
| Net Income | (1339.01) | 946.21 | 170.7 % |
| Average Shares | 929.40 | 929.40 | - |
| EPS (Riyals) | (1.44) | 1.02 | 170.7 % |
In Q4 2021, Jabal Omar posted a net profit of SAR 1.291 billion, against a net loss of SAR 421.23 million.
The company turned profitable, against a net loss of SAR 270.04 million in Q3 2021.
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 31.72 | 168.38 | 430.8 % |
| Gross Income | (176.57) | (24.58) | 86.1 % |
| Operating Income | (316.41) | (128.07) | 59.5 % |
| Net Income | (421.23) | 1,290.98 | 406.5 % |
| Average Shares | 929.40 | 929.40 | - |
| EPS (Riyals) | (0.45) | 1.39 | 406.5 % |
| Item | Q3 2021 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 43.12 | 168.38 | 290.5 % |
| Gross Income | (64.86) | (24.58) | 62.1 % |
| Operating Income | (57.83) | (128.07) | (121.5 %) |
| Net Income | (270.04) | 1,290.98 | 578.1 % |
| Average Shares | 929.40 | 929.40 | - |
| EPS (Riyals) | (0.29) | 1.39 | 578.1 % |
Shareholders’ equity, after minority interest, reached SAR 8.626 billion in 2021, up from SAR 6.987 billion in 2020.
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