Jabal Omar Development Company ends its fiscal year 2018 with a net profit of SAR 193.78 Million
Jabal Omar Development Company, one of the largest real estate developers in the Middle East and one of the largest listed companies in the Saudi stock market (Tadawul), announced a net profit of SAR 193.78 million for the year ending 2018.
The net profit increased by 245% due to off-plan residential sales of SAR 1,209 million (There were no residential sales in the previous period), 28% increase in hotel revenue and 60% from shopping mall revenue.
The 2018 financial results also highlighted a decrease in the cost of revenue ratio to 59% as compared to 98% in the previous period mainly due to the sales of residential units, which have a higher profit margin. In addition, operating cost decreased by 108% mainly due to an increase in other income by SR 243 million.
Jabal Omar Development Company has achieved major milestones in the development stages of the project, where the completion rate of all seven phases of the project has reach 50%. The first phase is 100% completed and fully operational while the remaining completion rate of the phases are 72% of the second phase, 68% of the third phase and 72% of the fourth phase. Jabal Omar Development Company will be opening the latest brand of Jabal Omar hotels prior, to the Holy month of Ramadan this year.
About Jabal Omar:
Jabal Omar Development Company is one of the largest real estate developers in the Middle East and one of the largest listed companies in the Saudi stock market (Tadawul). The Jabal Omar project is one of the most important mixed-use real estate developments, located within walking distance of the Holy Mosque, in Makkah.
As the Kingdom of Saudi Arabia continuously seeks to increase the capacity of Makkah for pilgrims, Jabal Omar Development Company is proud to contribute to this by developing the areas overlooking the Holy Mosque, to give visitors and residents of Makkah a unique living and spiritual experience.
The total area of the project in Jabal Omar in Makkah is 230,000 square meters. The project includes 40 hotel towers and is a mixed use development with retail markets, apartments, luxury hotels and residencies. Hotels currently under operation include Jabal Omar Conrad Hotel, Jabal Omar Hyatt Regency Hotel, Jabal Omar Marriott Hotel, Jabal Omar Hilton Suites Hotel and Jabal Omar Hilton Hotel, which has the largest conference room in Makkah.
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