Jabal Omar firm sees first profit in five years

Makkah-focussed Jabal Omar Development takes home $115mn in Hijri Q4

The Jabal Omar development in Makkah is one of the largest construction projects in the country.
The Jabal Omar development in Makkah is one of the largest construction projects in the country.

The firm behind the massive Jabal Omar project in the Saudi Arabian city of Makkah has announced its first quarterly profit in five years.

Jabal Omar Development, the largest listed real estate developer in Saudi Arabia by market capitalisation, said on Thursday (13 November) it had made a profit of SAR431.3mn ($115mn) in the fourth quarter of the Hijri calendar year which ended last month. This was compared with a loss of SAR17.6mn ($4.68mn) a year earlier.

Since 2009, Jabal Omar, which works on projects in Makkah, has only reported quarterly and yearly losses.

The profit swing also made the Saudi developer's full year profitable, it stated.

The company's shares rose 0.7% following the announcement, outperforming Saudi Arabia's main stock index by 0.3%.

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