Data News > Jabal Omar Development Company Report a Strong 59% Jump in Q1-24 Net Profit

Jabal Omar Development Company Report a Strong 59% Jump in Q1-24 Net Profit

By KlickAnalytics Data Insights  |   May 16, 2024 11:01AM ET

- Net profit surged 59.43% YoY to SAR 19.02 million in Q1-24
- Revenues soared 86.96% YoY to SAR 592.85 million in the same period
- The EPS rose to SAR 0.02 from SAR 0.01 in Q1-23

Jabal Omar Development Company has reported a significant increase in net profit for the first quarter of 2024, with a 59.43% year-on-year growth to SAR 19.02 million. The company's revenues also saw a remarkable jump of 86.96% YoY to SAR 592.85 million in Q1-24. The earnings per share (EPS) for the three-month period ending on 31 March 2024 stood at SAR 0.02, up from SAR 0.01 in the same period a year earlier.

Additionally, the company managed to turn to profitability in Q1-24 compared to a net loss in the previous quarter, with revenues increasing by 84.94% from the last quarter. Jabal Omar Development Company's performance has shown significant improvement, with a consolidated net profit of SAR 37.48 million in 2023, a notable turnaround from a net loss of SAR 352.43 million in the previous year.
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