JEDDAH: Jabal Omar Development Company has registered the highest profit growth in its history in record time, its fourth quarter of 1437 results revealed. The profit has reached SR691.07 million in the fourth quarter of 1437AH, in contract of the loss of SR126.95 million for the same quarter of the previous year after adjustment by increasing in profit rate of 644%. And in return, it gained SR9.49 million in the previous quarter with an increase of profit by 7182%., and the gross profit has reached 697.83 million riyals during the fourth quarter compared to a profit of 26.20 million riyals for the same quarter of the previous year after adjustment by increasing in profit of 2563.57%.
The total operating profit during the fourth quarter has reached the amount of SR721.65 million, against a loss of SR94.87 million for the same quarter of the previous year after adjustment by increasing in profit of 861%. The net profit for the current period (12 months) amounted to SR581.06 million, compared to profit of SR91.92 million for the same period of the previous year after adjustment by increasing in profit of 532%.
While the earnings of per share during the current period (12 months) has reached SR0.63, compared to profit of SR0.10 for the same period the previous year after adjustment by increasing in profit. The gross profit during the current period (12 months) has reached the amount of SR729.54 million, compared to SR434.45 million for the same period last year, after the adjustment by increasing of profit of 67.92%. The operating profit during the current has reached the amount of SR744.35 million, compared to profit of SR210.62 million for the same period last year, after the adjustment by increasing of profit of 253%.
The CEO of Jabal Omar Development Company Yasir bin Faisal Al-Sharif expressed his happiness to achieve these profits and growth in record time, and he confirmed that the company is continuing to consolidate its position and strengthen its capacity to continue in the implementation and marketing of its hotels, commercial and residential projects, which is considered influential in the performance of the company in the future and in accordance with the vision of 2030 of the kingdom, which the private sector will be a key driver of. Four hotels are currently owned by Jabal Omar Development Company — Conrad Jabal Omar, Hyatt Regency Jabal Omar, Hilton Suites Jabal Omar and Marriott Jabal Omar.
