Losses of the Jabal Omar Development Company decreased by 47.16% in the first quarter of 2022, to approximately 182.46 million riyals, compared to approximately 345.3 million riyals, its losses in the first quarter of 2021, and compared to to a net profit of approximately 1.29 billion riyals in the fourth quarter of 2021.
Jabal Omar stated in a statement in “Saudi Tadawul”, today, Tuesday, that the decline in losses in the first quarter of 2022, on an annual basis, is due to the notable improvement in the activities and activities of hotels and shopping centers compared to the same quarter of the year previous.
However, the impact of the fixed cost of revenue resulted in a total loss, and the total loss decreased by 71% from the same quarter last year, he added.
General and administrative expenses decreased by 27% compared to the previous quarter due to the cost containment measures adopted by the company. Financial charges in general fell by 47%, mainly due to loan settlement and loan transformation of the Ministry of Finance of 1.5 billion riyals in a permanent financial instrument.
The accumulated losses as at 31 March 2022 amounted to 1.36 billion riyals, equal to 15% of the company’s capital, compared to the accumulated losses as at 31 December 2021, which amounted to 1.18 billion Saudi riyals, equal to 13% of the capital of the company.
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