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.<\/p>\n
The increase in the company\u2019s profits in the third quarter of 2018 is attributable to several factors, foremost among which are higher revenue from residential unit sales and the positive performance of the hospitality and retail sectors.The company also succeeded in reducing its financing costs by deducting deferred financing expenses.<\/p>\n
On the other hand, by obtaining an off-plan sales license for its real estate project \u201cJabal Omar Al-Anwan Makkah\u201d through the Ministry of Housing\u2019s Wafi program, to strengthen its role as a real estate developer offering properties that meet the highest standards of quality and service and provide attractive returns on investment, The recently launched real estate sales exhibitions across the Kingdom have seen growing interest from customers looking to purchase 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 of which are being offered for sale as freehold properties.<\/p>","protected":false},"excerpt":{"rendered":"
Reading time: <\/span> < 1<\/span> Minute<\/span><\/span>Jabal Omar Development Company, a leading real estate developer 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 achieved total profits of 192.30 million riyals for the current period \u2026 Read 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