Jabal Omar Development, the largest listed real estate group in Saudi Arabia by market capitalisation, has reported a quarterly net profit of SR691 million ($184 million), up from a loss of SR127 million ($33.8 million) for the same period last year.

Announcing the highest profit growth in the company's history, Jabal Omar said it gained SR9.49 million in the previous quarter with an increase of profit by 7182 per cent.

The Saudi developer's gross profit surged to SR697.83 million during the fourth quarter compared to a profit of SR26.20 million for the same quarter of the previous year after adjustment by increasing in profit of 2563.57 per cent.

The total operating profit during the period has reached SR721.65 million, against a loss of SR94.87 million for the same quarter of the previous year after adjustment by increasing in profit of 861 per cent.

The net profit for the current period amounted to SR581.06 million, compared to SR91.92 million for the same period of the previous year after adjustment by increasing in profit of 532 per cent.

Commenting on the solid performance, CEO Yasir bin Faisal Al Sharif, said: "We are delighted to achieve these profits and growth in record time. The company will continue to consolidate its position and strengthen its capacity to continue in the implementation and marketing of its hotels, commercial and residential projects, which is considered influential in the performance of the company in the future and in accordance with the vision of 2030 of the kingdom."

Al Sharif said its hotels - Conrad Jabal Omar, Hyatt Regency Jabal Omar, Hilton Suites Jabal Omar and Marriott Jabal Omar - have registered steady growth during the year.

Buoyed by this success, the Saudi group is now planning to add another chain of hotels being operated by major names and hotel companies in the world to its range of premium business centers and hotel luxury apartments.

"These new properties will help meet the needs of different groups, which contribute to strengthen the company’s varied revenues, as well as meeting the increase on hotel, residential and commercial demand under the kingdom's vision to double the number of pilgrims," stated Al Sharif.

A major player in Saudi property sector, Jabal Omar has several high-profile projects in Makkah's Jabal Omar district near the Holy Mosque.

The company is currently working on its ambitious $3.2-billion Jabal Omar Development in Makkah which boasts 40 residential towers that can accommodate up to 160,000 pilgrims and a large prayer hall for 200,000 worshippers.

The project will be divided into two areas - the northern area (that includes fourteen six-storey buildings and a six-storey prayer building) and the southern area (that includes the other towers).

The construction work is progressing well with the development in Phase One to Four half complete.

Four hotels from the first phase are already operational (Hilton Suites, Hyatt Regency, Marriott, Conrad) and a final one (Hilton Convention) is expected by year end. The project is scheduled for completion in 2020.-TradeArabia News Service