The developer reported a net loss of 465.2M Saudi riyals for the three months ending June 30.
Jabal Omar Development Company is arguably one of the largest real estate developers in the region. Its flagship project, Jabal Omar, is a multi-use real estate mega development project. Since, the company has had involvement in a number of hotels, a commercial mall and mixed-use projects.
Like many other companies, Jabal Omar Development Company has been hit hard by the effects of the going coronavirus pandemic. Forced closures of hotels and malls to contain the spread of the coronavirus have seen the company swing to a massive loss with revenue dropping 99.5% in the period.
Despite the current climate, development at its flagship location, Jabal Omar, is continuing and once completed is expected to occupy more than 2 million square metres.
