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Jebel Omar Development Company (Jabal Omar) reported a net loss of SAR 261.61 million during the third quarter of 2026, compared to SAR 197.85 million in the same period in 2025, despite an increase in revenues of 14.24% year-on-year.
The company’s financial statements, published on the Saudi Stock Exchange website, showed on Sunday that the shift to losses was influenced by the decline in exceptional gains and the rise in some financing expenses, in addition to increasing losses resulting from the change in the fair value of financial instruments.
Reasons for the transformation of “Jabal Omar” to losses
The company attributed the decline in its financial results to the decline in exceptional gains by about 510 million riyals, after the results of the third quarter of last year included profits resulting from the sale of a piece of land, which contributed to enhancing the profits of the comparative period.
Recognised financing costs in the profit or loss list increased by SAR 27 million, despite the decrease in total financing costs as a result of the company’s cessation of capitalizing borrowing costs associated with part of the assets of the fourth phase, after it was completed for use and exited from the scope of the assets under construction.
Factors influencing the results included an increase in losses resulting from the change in the fair value of financial instruments listed at fair value through profit or loss, by SAR 21 million.
The company’s revenues during the third quarter increased by 14.24%, to reach SAR 370.03 million
Company revenue rises in third quarter
On a quarterly basis, Jabal Omar recorded a shift to losses during the third quarter of this year, compared to a net profit of 158.13 million riyals in the second quarter of 2026.
In contrast, the company’s revenues during the third quarter increased by 14.24% to reach 370.03 million riyals, compared to about 323.9 million riyals during the same period last year.
Jabal Omar’s profits fall 98.77% in 9 months
At the level of the first nine months of 2026, the net profit of “Jabal Omar” decreased by 98.77%, to record 13.51 million riyals, compared to profits exceeding 1.1 billion riyals during the corresponding period of 2025.
Despite the sharp decline in profits, the company’s revenues continued to grow during the same period, recording an increase of 15.95%, to reach 1.82 billion riyals, compared to about 1.57 billion riyals during the first nine months of last year.
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