Riyadh – Mubasher: Jabal Omar Development Company (Jabal Omar) announced its interim financial results for the second quarter of 2019.

The company turned profitable with a net of SAR 30.05 million in Q2-19, against losses of SAR 147.37 million in Q2-18, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Thursday.

The positive turn in the company’s Q2-19 financials was attributed to the increase in revenues due to sales of residential units, hotels revenues, and other income.

Revenues of the Saudi-based company increased by 18.6% to SAR 297.03 million by the end of June, from SAR 250.25 million in the same period of the prior year.

For the first half of 2019, Jabal Omar achieved net profits of SAR 31.61 million, versus SAR 275.57 million in losses during H1-18.

Revenues levelled up 20.96% year-on-year to SAR 474.64 million during the six-month period between January and June.