Jabal Omar Development Company (4250) Q2 2024 earnings summary

Executive summary

• Achieved revenue of SR 1,217.97 million for the six months ended 30 June 2024, up from SR 771.54 million year-over-year, driven by hotel operations and property sales.

• Net profit for the six-month period was SR 52.32 million, compared to a net loss of SR 67.91 million in the prior year period.

• Two new hotels were fully commissioned during the period, expected to boost future revenues.

Financial highlights

• Gross profit for the six months rose to SR 550.37 million from SR 358.93 million year-over-year.

• Basic and diluted EPS for the six months was SR 0.05, compared to a loss per share of SR 0.06 last year.

• Cash and cash equivalents increased to SR 635.74 million as of 30 June 2024, up from SR 298.85 million at year-end 2023.

• Finance costs rose to SR 332.18 million for the six months, up from SR 185.56 million year-over-year.

Outlook and guidance

• Management's plan to address liquidity includes land sales targeting SR 3.6 billion in cash inflows by year-end and new debt facilities.

• Cash flow forecasts for the next 12 months indicate a net positive position, contingent on successful execution of asset sales and financing.