Jabal Omar Development Company, a leader in real estate development in the region, announced quarterly net profits of (469.62) million riyals, representing an increase of 417% compared to the previous quarter, and a 179 % increase compared to the same quarter of the previous year, thereby offsetting all its losses for the current year and returning to profitability. The company posted total profits of 192.30 million riyals for the current period, thereby exceeding its current losses.

The increase in the company’s profits in the third quarter of 2018 is attributed to several factors, foremost among which are increased revenue from the sale of residential units as well as the positive performance of the hospitality and retail sectors.The company also succeeded in reducing its financing costs by deducting deferred financing expenses.

Furthermore, by obtaining an off-plan sales license for its real estate project “Jabal Omar Al-Anwan Makkah” through the Ministry of Housing’s Wafi program, to strengthen its role as a real estate developer offering properties characterized by the highest standards of quality and service, along with attractive investment returns, as the recently launched real estate sales exhibitions across the Kingdom have seen growing interest from customers looking to own these luxury hotel units, which feature a direct view of the Sacred Mosque in Mecca and consist of 741 diverse units, hotel rooms, suites, and penthouses, all offered for sale as freehold properties.