Jabal Omar’s losses widen to SAR148mn in 2Q18, from SAR61mn in 2Q17
Jabal Omar Development (Jabal Omar) announced its financial highlights for 2Q18. Revenue came in at SAR250.2mn (+25% Y-o-Y), gross profit at SAR49.5mn (-22.1% Y-o-Y, +68.9% Q-o-Q), operating profit at SAR4.5mn (-66.4% Y-o-Y, -77.2% Q-o-Q), net loss at SAR148mn (2Q17: 60.8mn, 1Q18: SAR129.3mn). In 1H18, revenue totalled SAR392.4mn (-25% Y-o-Y), gross profit SAR78.8mn (-64.4% Y-o-Y), operating profit SAR24.5mn (-79.5% Y-o-Y) and net loss SAR277.3mn (1H17: SAR7.0mn). The company ascribed widening losses on Y-o-Y basis to higher depreciation, higher financing costs and higher G&A expense due to operational expansions.
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