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Source:
الاقتصادية
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Jabal Omar Turns Profit in Q2
Jabal Omar Development Company achieved a profit of 158 million SAR in the second quarter, compared to a loss of 42 million SAR in the same period last year, reflecting a significant improvement. Revenue increased by 42.5% to 715 million SAR, driven by hotel performance, especially during the Hajj season, as well as the opening of the new Rotana hotel. The company attributed this performance to a decrease in impairment provisions and financing costs, along with an accounting settlement related to the refinancing of loans. It also announced its intention to benefit from the decision allowing non-Saudis to own real estate in Mecca by offering hotel units for sale, aiming to support demand growth and reduce debtors. As it approaches the completion of its current projects and achieves asset stabilization, this move is expected to enhance profitability and cash flow prospects in the future.
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