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Jabal Omar Development turns profitable in Q3

Jabal Omar Development turns profitable in Q3
Jabal Omar reported a net profit of SAR 469.62 million ($125.15 million) in Q3-18
JABAL OMAR
4250
-0.19% 20.80 -0.04

Riyadh – Mubasher: Jabal Omar Development on Tuesday announced that it turned a profit during the third quarter of 2018, against incurring losses in the same period a year earlier.

Jabal Omar reported a net profit of SAR 469.62 million ($125.15 million) after calculating Zakat and Tax during the three-month period ended September, against SAR 593.97 million ($ 158.29 million) in losses in Q3-17.

The Saudi real estate developer attributed the positive turn in its third-quarter earnings statements to a rise in revenues of selling residential and hotel units, according to a bourse statement.

Quarter-on-quarter, Jabal Omar Development also turned profitable in Q3-18, against incurring a loss of SAR 148.02 million in Q2-18.

During the first nine months of 2018, the Saudi Arabia-listed firm turned a profit, registering SAR 192.3 million against SAR 600.96 million in losses from January to September 2017.

Jabal Omar Development’s stock fell 2.5% to finish Monday’s trading session at SAR 33.85.