Riyadh – Mubasher: Jabal Omar Development Company shifted to net profits after Zakat and tax valued at SAR 237.55 million in the first nine months (9M) of 2023, against losses worth SAR 157.98 million in 9M-22.

The revenues hiked by 64.97% year-on-year (YoY) to SAR 1 billion in 9M-23 from SAR 609.92 million, according to the interim income statements.

Earnings per share (EPS) reached SAR 0.21 in January-September 2023, compared to a loss per share valued at SAR 0.17 in 9M-22.

Financial Results for Q3-23

During the third quarter (Q3) of 2023, Jabal Omar registered net profits after Zakat and tax worth SAR 305.46 million, marking a 99.50% leap from SAR 153.11 million in Q3-22.

Revenues stood at SAR 234.62 million in Q3-23, higher by 7.31% YoY than SAR 218.63 million.

On a quarterly basis, the company turned profitable in Q3-23 against net losses of SAR 79.84 million in Q2-23, while the revenues plummeted by 48.37% from SAR 454.46 million.