JODC registers 407% increase in revenue in Q3 2022 ...United Arab Emirates

Saudi-based developer Jabal Omar Development Company (JODC), the master developer of the massive Jabal Omar mixed-use project in Makkah, has announced its financial results for the third quarter of 2022. Amongst the key highlights were an increase in revenue by 407% to $58.25mn during the quarter, off the back of high occupancy levels across its hotel and commercial portfolio. Gross profit also improved of the three-month period, coming in at $2.13mn versus a gross loss of $17.29mn in the same period a year ago. This was predominately driven by strong revenue recovery as well as effective cost containment measures implemented as part of the comprehensive transformation strategy, the develope

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