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Jabal Omar Development posts 79% higher quarterly loss

Jabal Omar Development posts 79% higher quarterly loss
Revenue for the quarter ended in September 2020 shrank by 99.21% annually.
JABAL OMAR
4250
34.86% 28.05 7.25

Riyadh – Mubasher: Jabal Omar Development Company’s net losses surged by 78.9% on a yearly basis in the third quarter (Q3) of 2020 to reach SAR 237.74 million.

The rise in quarterly losses was due to a decrease in revenue, coupled with an increase in allowances for expected credit losses and higher other expenses, according to a bourse filing on Thursday.

This was partially offset by a decrease in selling and marketing expenses and financial charges.

Revenue for the quarter ended in September 2020 shrank by 99.21% annually to total SAR 1.93 million.

During the first nine months of 2020, the losses widened by 345.5% to SAR 917.8 million, compared with SAR 205.99 million in the same period in 2019.