Jabal Omar Development Company (4250) Q4 2024 earnings summary

Executive summary

• Revenue increased 43% year-over-year to SR 1.90 billion, driven by hotel operations and property sales.

• Net profit rose to SR 200.1 million from SR 37.5 million in 2023, reflecting improved operations and asset sales.

• Two new hotels became fully operational, contributing to higher occupancy and revenue.

• Major land sales in phases 5 and 6, with significant gains expected to be recognized in 2025.

• Debt-to-equity swap reduced liabilities and increased share capital by SR 547.5 million.

Financial highlights

• Revenue: SR 1,901 million (2023: SR 1,327 million), up 43% year-over-year.

• Gross profit: SR 608 million (2023: SR 401 million), up 52% year-over-year.

• Operating profit: SR 837 million (2023: SR 623 million), up 34% year-over-year.

• Net profit: SR 200.1 million (2023: SR 37.5 million); EPS: SR 0.17 (2023: SR 0.03).

• Cash and cash equivalents at year-end: SR 595.7 million (2023: SR 298.8 million).

Outlook and guidance

• Management expects continued positive cash flow, supported by further property sales and full-year contributions from new hotels.

• No material uncertainties identified regarding going concern for the next 12 months.

• Anticipated recognition of additional land sale gains in 2025, estimated at over SR 1.4 billion.