Sales growth drives 111% H1'19 net profit at Saudi Arabia's JODC
Residential, hospitality, and commercial unit sales growth drives improved performance at developer of Makkah's Jabal Omar
Tadawul-listed Jabal Omar Development Company (JODC), one of the largest real estate developers in Saudi Arabia and the company behind the mixed-use Jabal Omar project in the Holy City of Makkah, has recorded a spike of 111% in H1 2019 net profits, recovering from an H1 2018 net loss due to increased revenues from the sales of residential, hospitality, and commercial properties.
In the first half of 2019, the developer posted $8.4m (SAR31.6m) in net profit after zakat and tax, compared to a net loss of $73.5m (SAR275.6m) in H1 2018.
Revenues for H1 2019 were valued at $126.6m (SAR474.6m), a 20.9% hike over the $104.6m (SAR392.4m) noted during the first half of 2018.
Quarterly results at the developer showed an upward trend as well, with Q2 2019 net profit valued at $8m (SAR30.1m), 120.4% higher than Q2 2018's net loss of $39.3m (SAR147.4m).
In a stock market missive, JODC said its Q2 2019 performance was driven improved revenue figures, which grew 18.7% from $66.7m (SAR250.3m) in Q2 2018 to $79.2m (SAR297.1m) in this year's second quarter.