JODC reports $57.9m net loss in Q1 2020, with $47.8m in revenues

JODC attributed the net loss in Q1 2020 to “a decrease in other income”, as liabilities exceeded current assets by $117.8m

Jabal Omar Development Company is behind the megaproject in Makkah.
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Jabal Omar Development Company is behind the megaproject in Makkah.

Saudi Arabian stock market-listed Jabal Omar Development Company (JODC) has reported a net loss (after zakat and tax) of $57.9m (SAR217.25m) in Q1 2020 compared to the losses in the corresponding period in 2018.

The company, which is the developer of Jabal Omar megaproject in the kingdom’s Makkah region, recorded 0.99% increase in revenues to $47.8m (SAR179.4m) in the same period.

In a stock market filing, JODC attributed the net loss in the first quarter of 2020 to “a decrease in other income”.

JODC’s current liabilities exceeded its current assets by $117.8m (SAR442m).

Commenting on the state of liabilities, JODC said in the missive: “As these events or conditions, along with other matters set forth therein, indicate that a material uncertainty exists that may cast significant doubt on the group’s ability to continue as a going concern. Our conclusion is not modified in respect of this matter.”

Meanwhile, loss of non-controlling interests in the condensed consolidated statement of profit or loss and other comprehensive income for the three months period ending on 31 March, 2020, was an amount $14,130.42 (SAR53,002), compared to $14,870.78 (SAR55,779) for the corresponding period in 2018.

The accumulated losses in the first quarter accounted for $106.4m (SAR398.9m), equivalent to 4.29% of the company's capital.

The company said that its "business has been negatively affected by the precautionary measures taken to limit the spread of the coronavirus".

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