Jabal Omar Turns Profitable in Q2 2026
Gamous Al-Ummah Company announced that it expects to become profitable in the second quarter of 2026, recording a net profit of 158.13 million Riyals compared to losses in the same period of the previous year. The improved performance was driven by better hotel performance, especially during the Hajj season, along with lower financing costs and impairment provisions. Revenues reached 715.15 million Riyals, representing a year-over-year increase of 42.55%, with gross profit rising by 96 million Riyals and impairment provisions decreasing by 120 million Riyals. Additionally, financing costs declined by approximately 67 million Riyals. In the first half of 2026, net profit grew by 69.56% to 275.12 million Riyals, while revenues increased by 16.4% to 1.45 billion Riyals. Equity also rose by 12.27% to 16.14 billion Riyals. The company concluded that half-year profits were impacted by a 35 million Riyal increase in property depreciation expenses, supported by higher hotel revenues and reduced financing expenses.
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