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.