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JABAL OMAR

31 October, 2024 15:44

Jabal Omar Development Co. announces its Interim Financial results for the Period Ending on 2024-09-30 ( Nine Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 256.04234.629.129625.12-59.041
Gross Profit (Loss) -38.8247.52-296.09-
Operational Profit (Loss) -99.5415.03-217.199-
Net profit (Loss) -203.63305.46-33.3-
Total Comprehensive Income -203.63305.46-33.3-
All figures are in (Millions) Saudi Arabia, Riyals


Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 1,474.011,006.1746.497
Gross Profit (Loss) 511.55406.4625.854
Operational Profit (Loss) 296.23334.5-11.44
Net profit (Loss) -151.31237.55-
Total Comprehensive Income -151.31237.55-
Total Shareholders Equity (after Deducting Minority Equity) 12,570.1212,922.98-2.73
Profit (Loss) per Share -0.130.21
All figures are in (Millions) Saudi Arabia, Riyals


Element ListAmountPercentage of the capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value --
Accumulated Losses -115.48-1
All figures are in (Millions) Saudi Arabia, Riyals


Element ListExplanation
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is The reason of the increase in the revenues during the current quarter compared to the same quarter of the last year is mainly due to the following factors: -Hotels revenues increased by 10% due to operation of two new hotels, Address Jabal Omar and Jumeirah Jabal Omar. - Revenue from the commercial mall increased by 46%, mainly due to increased leasing activities in the commercial malls that were handed over in the compared quarter of the last year which are connected to Jumeirah Jabal Omar hotel.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The reason of the decrease in the net profit during the current quarter compared to the same quarter of the last year is mainly due to the following factors: - Depreciation expenses increased by SR 37 million resulting from the opening and operation of two new hotels, Address Jabal Omar Hotel and Jumeirah Jabal Omar Hotel. - general and administration expenses increased by SR 14 million, due to the impairment of properties booked this quarter. - Increase in provisions for credit losses on other trade receivables by SAR 14 million. - Increase in financing costs by 57% compared to the same quarter last year. - Recognition of other income and gain from sale of land in the previous quarter of last year amounting to SAR 412 million.
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is Revenues in the current quarter decreased by 59% compared to the previous quarter, mainly due to the inclusion of the last nine days of Ramadan and the entire Hajj season in the previous quarter.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is The reason of the increase in the net loss during the current quarter compared to the previous one is due to a decrease in revenues for the current quarter by SAR 369 million compared to the previous quarter. This decrease is mainly due to the inclusion of the last nine days of Ramadan and the entire Hajj season in the previous quarter.
The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is The reason of the increase in the revenues during the current period compared to the same period of the last year is mainly due to the following factors: - Revenue from hotels increased by 42%, mainly due to the gradual increase in revenues from the recently delivered hotels Address and Jumeirah. - Revenue from the commercial mall increased by 37%, mainly due to the increase in leasing activities in the shopping commercial malls delivered in the compared period of the last year which are connected to Jumeirah Jabal Omar hotels. -Recognition of revenues from properties for development and sale amounting to SAR 95 million.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The reason of the decrease in the net profit during the current period compared to the same period of the last year is mainly due to the following factors: - Depreciation expenses increased by 50% amounting to SR 89 million mainly due to opening and operation of two new hotels, Address Jabal Omar Hotel and Jumeirah Jabal Omar Hotel. - general and administration expenses increased by SR 74 million, due to the impairment of properties booked in this period. -Increase in provisions for credit losses on other trade receivables by SAR 64 million. -Increase in financing costs by 70% compared to the same period last year. - Recognition of other income and gain from sale of land in the compared period of last year amounting to SAR 412 million
Statement of the type of external auditor's report Unmodified conclusion
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) We draw attention to note 2.4 of the condensed consolidated interim financial statements, which indicates that as at the nine-month period ended 30 September 2024, the Group's current liabilities exceeded its current assets by SR 529.8 million. Moreover, the Group’s forecasted cash flows for the twelve months subsequent to the reporting date, that depict a net positive cashflow position, are dependent upon the sale of certain parcels of land, as well as, upon obtaining sufficient debt financing. As stated in note 2.4, these events and conditions indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern. Our conclusion is not modified in respect of this matter.
Reclassification of Comparison Items Certain comparative figures have been reclassified to comply with the current period presentation of the consolidated financial statements.
Additional Information Not applicable

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