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Jabal Omar logs SAR 422m annual profit

Jabal Omar logs SAR 422m annual profit
JABAL OMAR
4250
-0.19% 20.80 -0.04
Jabal Omar Development Co. released on Dec. 17 annual financial results for the period ending on 30/12/1435.
These statements reflected SAR 422 million net earnings, against SAR 32.5 million net losses a year earlier.
The company also posted operational profit of SAR 437.6 million, versus operational losses of SAR 49.3 million a year earlier.
The real estate developer ascribed swinging to profit to generating revenue from selling some residential units in the project, and recording revenue from the full operation of Hilton Suites. In addition, Jabal Omar made revenue from leasing a portion of the commercial markets in the project.

Photo Credit: Arabianeye-Reuters