JABAL OMAR 2024 Profits Jump 434% to SAR 200 Million

Jabal Omar Development Co. announced on Thursday that its net profit jumped by 434% to SAR 200 million by the end of 2024, compared to SAR 37 million in 2023, following the announcement today of the preliminary financial results for the duration ending Dec. 31, 2024.

The operational profit increased by 34% to SAR 837 million by the end of 2024, compared to SAR 623 million in 2023.

The equity (after excluding non-controlling interests) in the current year increased by 6% to SAR 13.4 billion, compared to SAR 12.7 billion in 2023.

The profits per share for the current year amounted to SAR 0.17, compared to SAR 0.03 in 2023.

The Company stated in a statement that the reason for the increase in revenues during the current year compared to the previous year is mainly due to the following:

– Increase in revenues from hotel operations by SAR 468 million as a result of the continued improvement in occupancy rates in two new hotels, namely the Address Jabal Omar Hotel and Jumeirah Jabal Omar Hotel, in addition to the significant improvement in the revenues of the rest of the existing hotels;

– Increase in revenues from commercial centres by SAR 53 million, mainly due to the increase in leasing activities in the commercial centres in Jumeirah Jabal Omar; and

– Increase in revenues from Properties for development and sale by SAR 53 million as a result of the full recognition of sales of units in Jumeirah Jabal Omar.