Jabal Omar Development Co. announces its Annual financial results for the period ending on 2018-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 1,962.64 | 568.83 | 245.031 | ||
| Total Profit (Loss) | 797.84 | 11.11 | 7,081.278 | ||
| Profit (Loss) Operational | 812.54 | -164.78 | - | ||
| Net Profit (Loss) after Zakat and Tax | 193.78 | -600.96 | - | ||
| Total Comprehensive Income | 188.92 | -601.73 | - | ||
| Total Share Holders Equity (after deducting minority equity) | 9,778.53 | 9,589.61 | 1.97 | ||
| Profit (Loss) per Share | 0.21 | -0.65 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| Reason for increase (decrease) in net profit for current year compared to last year | The reason for achieving net profit during this year in comparison to the prior period are as follows: 1. Increase in revenue by 245% due to SAR 1,209 million worth of sales from residential units (Nil previous period), 28% increase in hotels revenue and 60% increase in commercial centers revenues 2. Decrease in cost of revenue ratio to 59% from 98% in the previous period. This is mainly attributed to the sales of the residential units (including the off-plan sales which started in December 2018) that carries higher margin 3. Decrease in operating cost by 108% mainly due to increase in other income by SAR 243 million and decrease in operating expense to revenue to 13% (37% in the previous period). During this year, financial charges increased by SAR 187 million mainly due to the full year recognition of the sale and lease back transaction. On the other hand, management was able to better manage expenses despite the expansion in operating and investment activities. |
| Type of the external auditor's opinion | Unmodified opinion |
| External auditor's report containing reservation | Not applicable |
| Reclassifications in annual financial results | Certain of the prior period amounts have been reclassified to conform to the presentation in the current year. |
| Additional Information | With reference to the company's announcement published on the website of the Saudi Stock Exchange (Tadawul) dated 1438/06/27H corresponding to 2017/03/26 regarding the approval of the Eighth Ordinary General Assembly to amend the Articles of Association of the Company, which state for the conversion of the company's financial year from the Hijri year, (30/12) to the Gregorian year, which ends on (31/12) Through an integrated plan to implement this transformation Accordingly, the Company made a comparison between the consolidated statement of profit or loss and other comprehensive income for the year ended 31 December 2018 and consolidated statement of profit or loss and other comprehensive income for the period from 13 April to 31 December 2017 |
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