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Jabal Omar Development’s losses shrink in H1-21; accumulated losses exceed SAR 2bn

Jabal Omar Development’s losses shrink in H1-21; accumulated losses exceed SAR 2bn
The loss per share stood at SAR 0.08 in H1-21
JABAL OMAR
4250
-0.19% 20.80 -0.04

Riyadh – Mubasher: Jabal Omar Development Company incurred net losses after Zakat and tax worth SAR 74.73 million in the first half (H1) of 2021, lower by 89% than SAR 691.37 million in H1-20.

The loss per share stood at SAR 0.08 in H1-21, down from SAR 0.74 in H1-20, according to the financial results on Sunday.

Sales meanwhile decreased by 38% to SAR 98.86 million in the January-June 2021 period from SAR 159.99 million in the same six months last year.

At the end of June 2021, the accumulated losses reached SAR 2.2 billion, representing 23.7% of the SAR 9.29 billion capital.

In the second quarter (Q2) of 2021, Jabal Omar Development turned profitable at SAR 270.57 million, against net losses of SAR 453.51 million in Q2-20.

Sales jumped by 5,460.4% to SAR 77.29 million in Q2-21 from SAR 1.39 million in Q2-20.

On a quarterly basis, the company also turned to profits in Q2-21 against losses of SAR 345.3 million in Q1-21, and the sales surged by 258% from SAR 21.57 million.