Saudi Arabia’s Jabal Omar shares rise after swing to profit
DUBAI, Nov 13 (Reuters) – Shares in Saudi Arabia’s biggest shown property designer by market capitalisation, Jabal Omar Advancement, increased in an otherwise weak stock market on Thursday after it stated a quarterly earnings for the first time given that 2009.
The stock added 0.7 percent while Saudi Arabia’s main stock index edged down 0.4 percent.
Jabal Omar, which deals with projects in the Muslim divine city of Mecca, said on Thursday it earned a profit of 431.3 million riyals ($115 million) in the fourth quarter of the Hijri calendar year which ended last month, compared to a loss of 17.6 million riyals a year previously.
The swing additionally made its full year rewarding. Considering that 2009, the company had simply stated quarterly and annual losses. (1 US dollar = 3.7519 Saudi riyal) (Reporting by Olzhas Auyezov; Modifying by Andrew Torchia)
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