Jabal Omar Development Company has reported a four-fold jump in revenue to $104.34 million in the first half of 2022 on the back of recovery in Umrah.
The company’s revenue from the retail portfolio shot up 326 percent thanks to an increased footfall. The company said the government’s ‘exceptional management’ of the pandemic and easing the restrictions on pilgrimage activities led to a significant increase in the number of pilgrims since the start of the year.
Its gross profit rose 152.9 percent to $19.06 million in H1, as against the loss of $36.05 million in the same period of last year.
The company attributed it to higher revenues, cost containment measures, and efficiencies from the company’s comprehensive transformation strategy.
Khaled Al Amoudi, CEO of Jabal Omar Development Company, said: “The above-expected activity level in the Hajj and Umrah sector since the start of 2022 supported our top-line solid performance. Occupancy levels at our hotels were almost back to pre-pandemic levels, and footfall at our malls also witnessed a solid recovery momentum.”
The company expects the increased traffic of pilgrims to sustain for the rest of the year as there remains pent-up solid demand for pilgrims, both domestic and international, to visit Makkah and the holy sites.
