Riyadh – Mubasher: Jabal Omar Development Company has incurred net losses after Zakat and tax worth SAR 182.46 million during the first quarter (Q1) of 2022, an annual plunge of 47.15% from SAR 345.30 million.
Revenues leaped by 408.34% to SAR 109.65 million in the first three months (3M) of 2022, versus SAR 21.57 million during the same period a year earlier, according to the initial financial results.
Meanwhile, the loss per share retreated to SAR 0.20 in Q1-22 from SAR 0.37 in Q1-21.
On a quarterly basis, the company’s revenues in Q1-22 fell by 34.87% from SAR 168.38 million in Q4-21, while Jabal Omar turned to losses against net profits of SAR 1.29 billion in Q4-21.
The accumulated losses reached SAR 1.36 billion, accounting for 14.65% of the SAR 9.29 billion capital, at the end of Q1-22.
In 2021, the Saudi listed firm registered net profits after Zakat and tax worth SAR 946.21 million, compared to net losses of SAR 1.33 billion in 2020.