Jabal Omar Development Company (JODC), a leading real estate development company in the region, has reported a net profit of SR192.3 million ($51.1 million) for the first nine months of 2018, compared to a net loss of SR600 million ($159.7 million).

Announcing the results for the nine-month period, JODC said the swing to Q3 profit was mainly due to the higher revenue from the sale of residential apartments.

The company had also reported a SR469.6 million net profit for the third quarter compared to a loss of SR594 million in the same quarter last year, said the statement from Saudi Jabal Omar.

This was due to higher revenue from residential apartments sales and hotel revenue in addition to lower financial charges and lower cost of revenue (except cost associated to selling residential apartments), it added.-TradeArabia News Service