Jabal Omar incurs losses of 204 million riyals during Q3

Jabal Omar Development Company recorded a net loss during the third quarter of 204 million riyals compared to a profit of 305 million riyals in the same quarter last year. This came after the announcement today of the preliminary financial results for the period ending September 30, 2024 (9 months).

The operating loss amounted to 99.5 million riyals in the third quarter compared to a profit of 15 million riyals in the same quarter of the previous year.

The company’s net loss during the 9-month period amounted to 151 million riyals compared to a profit of 238 million riyals in the same period last year, an increase of 351%.

The loss per share in the current period amounted to 0.13 riyals compared to a profit of 0.21 riyals in the same period last year.

The company said in a statement today that the reason for the increase in revenues during the current quarter compared to the same quarter of the previous year is mainly due to the following factors:

Hotel revenues increased by 10% as a result of the entry into operation of two new hotels, namely the Address Jabal Omar Hotel and the Jumeirah Jabal Omar Hotel.

Shopping mall revenues increased by 46%, mainly due to the increase in leasing activities in the shopping malls that were delivered in the same quarter of last year and are connected to the Jumeirah Jabal Omar hotels.