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Arab News, Sunday, Aug 21, 2022 | Muharram 22, 1444

Saudi developer Jabal Omar’s losses widen 316% despite revenue surge

Saudi Arabia: Jabal Omar Development Co., one of Saudi Arabia’s largest listed developers, has seen its losses widen by 316 percent in the first half of 2022, despite a surge in revenues.

Makkah-based Jabal Omar reported SR311 million ($83 million) in net loss, compared to SR75 million net loss in the same period last year, according to a bourse filing.

The company attributed the results to the absence of land sales during the period.

Revenues, on the other hand, soared by 296 percent year-over-year to SR391 million.

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