Riyadh – Mubasher: Jabal Omar Development Company shifted to profitability in 2023, recording a consolidated net profit of SAR 37.48 million, compared to a net loss of SAR 352.43 million a year earlier.

Revenues surged 56.18% year-on-year (YoY) to SAR 1.32 billion last year from SAR 849.50 million, according to the annual financial results.

The company reported earnings per share (EPS) of SAR 0.03 in 2023, against SAR 0.35 loss per share in 2022.

Jabal Omar Development turned to profitability during the first nine months (9M) of 2023, recording net profits after Zakat and tax valued at SAR 237.55 million, versus losses worth SAR 157.98 million in 9M-22.