The Clap Jabal Omar Development Company (4250), one of the largest real estate development companies in Saudi Arabia, recorded net losses during Q2-2022. Losses recorded 128.6 million riyals, compared to profits of more than 270.5 million riyals in the same period last year.
The Deets Jabal Omar attributed the losses to not selling any land in Q2. Q2’s net losses came in less than Q1-2022’s thanks to the improvement in its operations and commercial activities for hotels and malls last Ramadan.
In Related News On August 25, the extraordinary general assembly is expected to vote on increasing the company’s capital.
Why this Matters Jabal Omar’s portfolio includes six operating hotels and plans to operate two new hotels before the end of the year.