Jabal Omar Development Company was able to achieve profits of 946.2 million riyals in 2021, compared to losses of 1.34 billion riyals in 2020.
According to Arabiya Net, the company said in a statement, that the shift to profitability came due to an increase in revenues by 75.67% to 310.36 million riyals in 2021, on an annual basis, as a result of Alleviating the restrictions imposed as a result of the Corona pandemic in 2021, compared to 2020, in addition to implementing initiatives to reduce operational costs during 2021.
This is also due to the recognized profit from the sale of two plots of land in the Jabal Omar project, which were announced on the Tadawul website on December 13, 2020 and September 30, 2021, respectively, as well as The recognized adjusted profit resulting from the restructuring of the direct loan provided by the Ministry of Finance and the financing provided by SABB Bank and the National Bank of Saudi Arabia, which were announced on the Tadawul website on October 5, 2021 and November 21, 2021 respectively.
The accumulated losses of Jabal Omar Company decreased to about 1.274 billion riyals, equivalent to 14% of the capital by the end of 2021, compared to about 2.128 billion riyals, equivalent to 23% of the capital. money by the end of 2020.
