Jabal Omar’s accumulated losses fell to 13 % of capital

Jabal Omar Development Company announced that its accumulated losses decreased to 13 % of the capital which amounted to SR 1.79 million by December 31th 2021.

The decrease in accumulated losses as at 31 December 2021 is mainly attributed to the following:

– Increase in revenue during 2021 compared to 2020 due to ease of COVID-19 restriction and implementation of cost optimization initiatives during 2021.

-Gain recognized on sale of 2 plots of land in Jabal Omar project which was announced on Tadawul on 13 December 2020 and 30 September 2021 respectively.

– Modification gain recognized on restructuring of Ministry of Finance direct loan which was announced on 21 November 2021.