Riyadh – Mubasher: Jabal Omar Development Company reported a net loss after Zakat and tax worth SAR 345.3 million during the first quarter (Q1) of 2021, an increase of 45% from SAR 237.86 million in Q1-20.
The initial financial results showed a loss per share of SAR 0.37 in Q1-21, compared with SAR 0.26 in Q1-20.
Sales shrank 88.6% to SAR 21.57 million in the first three months of 2021, from SAR 189.79 million in the corresponding period in 2020.
On a quarterly basis, Jabal Omar Development posted an 18% decline in losses during Q1-21 when compared to SAR 421.23 million in the fourth quarter (Q4) of 2020.
Sales decreased quarter-on-quarter (QoQ) as well by 31.9% in Q1-21 from SAR 31.72 million in Q4-20.
The real estate company has registered accumulated losses worth SAR 2.47 billion until 31 March 2021, accounting for 26.6% of the SAR 9.29 billion paid-up capital.
Jabal Omar Development attributed the annual decline in sales during Q1-21 to lower occupancy rate of hotels and commercial malls due to the precautionary measures taken to curb the spread of the COVID-19 pandemic.
