Wednesday 22 May 2019

Saudi Jabal Omar's 2018 revenue surges 245pc

RIYADH, February 19, 2019

Leading Saudi real estate group Jabal Omar Development Company, has registered a 245 per cent growth in its revenue for 2018 which soared to SR1.96 billion ($521 million) from the previous year's figure of SR568.83 million ($151.4 million).

The increase was mainly due to off-plan residential sales of SR1.2 billion besides a 28 per cent jump in its hotel revenue for 2018 and 60 per cent growth from its shopping mall revenue, said the company in a statement  to the Saudi bourse Tadawul.

The Saudi developer said it had witnessed a solid drop in operating costs, which fell by 108 per cent mainly due to increase in other income by SR243 million and decrease in operating expense to revenue to 13 per cent (37 per cent in the previous period).

Jabal Omar Development Company said during this year, the financial charges increased by SR187 million mainly due to the full year recognition of the sale and lease back transaction.

On the other hand, management was able to better manage expenses despite the expansion in operating and investment activities, it added.-TradeArabia News Service


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