Riyadh - Mubasher: The net profits attributable to the shareholders of Jabal Omar Development Company plunged by 87.63% to SAR 116.99 million in the first quarter (Q1) of 2026, versus SAR 945.94 million in Q1-25.
Similarly, the revenues fell by 1.14% year-on-year (YoY) to SAR 739.17 million as of 31 March 2026 from SAR 747.73 million, according to the interim financial results.
The earnings per share (EPS) shrank to SAR 0.10 in Q1-26 from SAR 0.80 in the first three months (3M) of 2025.
On a quarterly basis, the net profits in Q1-26 dropped by 90.93% from SAR 1.29 billion in Q4-25, whereas the revenues jumped by 36.75% from SAR 540.52 million.
CEO of Jabal Omar, Saleh Al Habdan, commented: “The first quarter witnessed an escalation in geopolitical tensions in the region and the resulting disruptions to transportation, which led to the cancellation of a number of hotel bookings.”
“We worked closely with our hotel operators to maintain occupancy rates and support performance across the portfolio by focusing on other feeder markets,” he elaborated.
Al Habdan noted: “Encouragingly, we are seeing early signs of recovery, with the return of air travel and movement of people. Management is focused on disciplined asset management and on accelerating the ramp-up of newer properties.”
The CEO expects demand to recover quickly once the situation normalizes, adding that the upcoming Hajj season will provide a meaningful uplift to demand in Q2.
“Our long-term priorities remain firmly on track while advancing the completion of the construction of Phase 4, which is over 90% completed. And Rotana Hotel has recently become fully operational, adding 655 keys to the portfolio,” he concluded.
The Saudi group closed 2025 with 1,095% YoY higher net profits at SAR 2.39 billion.
