RIYADH: Jabal Omar Development Co., one of Saudi Arabia’s largest listed property developers, announced a 45 percent drop in accumulated losses at the end of 2021.
Accumulated losses fell from SR2.13 billion ($607 million) to SR1.18 billion on the year, reaching 13 percent of capital, according to a bourse filing.
The developer cited improvement in post-pandemic operations and the implementation of cost optimization initiatives as reasons for the rise in revenue.
It also benefited from gains recognized on the sale of two plots of land as well as the restructuring of a loan with the Ministry of Finance.
Jabal Omar had earlier posted a 47 percent decline in losses during the first quarter of 2022 to SR182 million, from SR345 million a year ago.