Jabal Omar Development Company has increased by 45.17%, with SR 345.3 million in the first quarter of 2021, compared to SR 237.86 million in Quarter of 2020.
According to Arab Net, Jabal Omar's losses on a quarter of 18.03%, compared with losses of SR 421.23 million in the fourth quarter of 2020,
In a statement on Monday, Jabal Omar said on Monday that the reason for the net loss for the first quarter of 2021, compared with a 2020 similar quarter returned to revenue due to low rate of hotel occupancy and commercial centers because of precautionary measures taken to reduce the pandemic Corona virus.
The second reason for increased loss is the increase in financial burdens, which are due to the lack of borrowing costs, due to lack of development activities during the period.
The company reported that its accumulated losses by the end of the first quarter of this year amounted to SR 2.47 billion, equivalent to 26.6% of SR 9.29 billion.
Annual losses of Jabal Omar rose 110 percent for 2020 compared to 2020, compared to SR 635 million in 2019.
