Riyadh – Mubasher: Jabal Omar Development on Thursday posted a 466.8% year-on-year jump in profits for the quarter ended 30 June 2017 (two months and 18 days), compared to the prior-year period.

Net profit stood at SAR 53.8 million in the quarter ended June 2017 from SAR 9.5 million in the corresponding period last year, according to a filing to the Saudi Stock Exchange (Tadawul).

The company attributed the increase in profits to higher sales of housing units and better results from operating hotels and commercial markets, adding that the year-ago period witnessed a reversal allowance for doubtful debts by SAR 83.6 million and zakat by SAR 5.66 million, which led the firm to achieve profits of SAR 9.5 million.

Total revenues soared 94% to SAR 323.15 million during the current quarter from SAR 166.43 million in the same quarter of the year before.

Net profits amounted to SAR 77.12 million in the period ended 15 Rajab 1438, versus net losses of SAR 119.5 million in the same period last year.

By the end of trading on Wednesday, Jabal Omar’s stock went up 1.2% to SAR 67.9.