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Jabal Omar turns profitable in Q1

Jabal Omar turns profitable in Q1
The company achieved a net profit of SAR 1.54 million in Q1-19
JABAL OMAR
4250
-0.19% 20.80 -0.04

Riyadh – Mubasher: Jabal Omar Development on Sunday announced that it has turned a profit during the first three months of 2019.

The company achieved a net profit of SAR 1.56 million in Q1-19, against SAR 128.2 million in losses during Q1-18, according to the company’s statement to the Saudi Stock Exchange (Tadawul).

Total revenues jumped 24.97% year-on-year to SAR 117.62 million during the three-month period ended March.

The positive turn in the company’s Q1-19 financials was attributed to the rise in revenues, which was due to sales of residential units and an increase in commercial revenue and other income.

In 2018, Jabal Omar reported turning to profitability after recording SAR 193.78 million.