Riyadh – Mubasher: Jabal Omar Development on Wednesday reported a 79% year-on-year plunge in its profits for the first quarter of 2018.

Net profits amounted to SAR 29.29 million in Q1-18, compared to SAR 139.37 million in Q1-17, according to the company’s statement to the Saudi Stock Exchange (Tadawul).

Total revenues declined 47% to SAR 142 million during the three-month period ended March 2018, versus SAR 270.58 million for the same period of the prior year.

The company’s operating profits retreated 82% to SAR 19.95 million during the first three months of 2018, compared to SAR 110 million in Q1-17, according to the statement.

The Tadawul-listed firm's total losses reached SAR 128 million in Q1-18, against a profit of SAR 63.35 million for the same period in the year before.