Riyadh – Mubasher: Jabal Omar Development Company logged net losses after Zakat and tax worth SAR 270.04 million during the third quarter (Q3) of 2021, an increase of 13.9% from SAR 236.95 million in Q3-20.
Sales meanwhile jumped by 2,134% to SAR 43.12 million in Q3-21 from SAR 1.93 million in Q3-20, according to the initial financial results on Thursday.
On a quarterly basis, the company turned to losses against net profits worth SAR 270.57 million in Q2-21, while the sales declined by 44% from SAR 77.29 million.
During the first nine months of 2021, the real estate developer posted lower net losses by 62.4% at SAR 344.77 million from SAR 917.78 million in the same period a year ago.
The loss per shares went down to SAR 0.37 at the end of September 2021 from SAR 0.99 in the same period last year.
Sales decreased by 2% to SAR 141.98 million in January-September 2021 from SAR 144.96 million in the same nine months in 2020.
At the end of September this year, Jabal Omar’s accumulated losses reached SAR 2.47 billion, representing 26.6% of the SAR 9.29 billion capital.
