Riyadh – Mubasher: Jabal Omar Development Company posted a 59.43% year-on-year (YoY) hike in net profit to SAR 19.02 million in the first quarter (Q1) of 2024 from SAR 11.93 million.

Revenues soared 86.96% YoY to SAR 592.85 million in Q1-24 from SAR 317.09 million, according to the interim financial results.

The earnings per share (EPS) amounted to SAR 0.02 in the three-month period that ended on 31 March 2024, up from SAR 0.01 in the corresponding period a year earlier.

Quarter-on-quarter (QoQ), the company turned to profitability in Q1-24, versus a net loss of SAR 200.07 million in Q4-23, while the revenues soared by 84.94% from SAR 320.56 million.

Jabal Omar Development turned to a consolidated net profit of SAR 37.48 million in 2023, compared to a net loss of SAR 352.43 million a year earlier.