Riyadh – Mubasher: Jabal Omar Development Co. has incurred massive losses in the full year 2017 versus profits the year before.

The Saudi real estate developer logged SAR 600.97 million ($160.26 million) losses in the 12-months ended December 2017 against SAR 76.66 million ($20.44 million) in profits achieved in the same period of 2016.

The developer attributed its turn to losses in 2017 to the absence of revenues from the sale of residential units as the company witnessed a delay in receiving marketing and selling licences.

Higher expenses from the operation of Jabal Omar Hilton in April 2017, alongside an increase in general and administrative expenses from expanding in operating and investment opportunities also contributed to the annual losses, the Saudi company highlighted.

Jabal Omar recorded a loss per share (LPS) of SAR 0.65 in 2017 against an earning per share (EPS) of SAR 0.08 in 2016.

Gross profits amounted to SAR 11.11 million last year, registering a 95.67% drop from SAR 256.39 million the year before, according to a bourse filing.

Meanwhile, operating losses reached SAR 164.78 million in 2017 versus SAR 193.25 million in operating profits a year earlier.