2023-05-22 13:37:00
As a result of improved hotel occupancy and room rates
Jabal Omar Development Company recorded a net profit of about 12 million riyals in the first quarter of this year, compared to a net loss of 183 million riyals in the same period last year.
Jabal Omar’s revenues jumped in the first quarter of this year by 189%, to record 317 million riyals, compared to 109.65 million riyals in the same quarter last year.
Jabal Omar said in a statement to Tadawul Saudi Arabia today, Monday, that the reason for the increase in net profit is the revenue growth resulting from the strong improvement in hotel occupancy rates and room rates, and the reversal of the expected credit loss provision of 28 million riyals as a result of the improvement in the collection of receivables.
Jabal Omar indicated that financial burden expenses decreased by 18% due to the additional capitalization of financing costs in the current quarter, which was charged as an expense in the same quarter of last year, due to the partial suspension of development activities.
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