Logo ofJabal Omar Development Company (JODC) 
Jabal Omar Development Company (JODC) (SASE: 4250) today announced its financial results for the year ended December 31, 2025, reporting revenues of ⃀ 2,114 million, up 11% year-over-year, alongside adjusted EBITDA1 of 951 million, reflecting a 20% year-over-year increase. This strong performance was primarily driven by the continued ramp-up of The Address and Jumeirah Hotels, delivered in late 2023 and mid-2024, respectively, in addition to enhanced performance across the hospitality and commercial portfolios.
The sale of several land parcels in 2025, completed as part of the Company’s strategy to reduce debt and fund the construction of phase 4. This allowed the company to reduce the outstanding debt from over ⃀ 12,109 million at the end of 2024 to ⃀ 9,316 million at the end of 2025 and shore up the cash balance to ⃀ 1,339 million.
Saeed bin Muhammad Alghamdi, Chairman of Jabal Omar Development Company, commented:
“2025 represents a pivotal year in Jabal Omar’s history, marking the successful completion of the Company’s transformation strategy launched in 2021. This strategy was designed with clear objectives: accelerated delivery of projects under construction (phase 2, 3 4), capital structure optimization, and revenue maximization operating assets.
The completion of Phases 2 and 3 (2,495 Keys), in addition to the partial handover and operation of Phase 4 (1,796 keys), underscore the effective execution of this plan. With Phase 4 now approximately 88% complete, Jabal Omar is approaching the conclusion of a long capital expenditure cycle. The sales of Phases 5 and 6, totalling 6 plots, has enabled the company to significantly reduce debt, and fund the completion of phase 2, 3 and 4.
Looking ahead, the Company will focus on enhancing the performance and profitability of existing and new assets and planning the development of phase 7, all with the aim of maximizing shareholder value. We have assembled an experienced and highly capable team to deliver on this next chapter, and I am confident in our ability to drive sustainable growth and long‑term success for Jabal Omar.”
Saleh Al-Habdan, CEO of Jabal Omar Development Company, commented:
The Company has achieved the highest revenue record in 2025 from its operating assets. This was driven by the strong performance and operational efficiency of our assets, alongside disciplined management of operating and financing costs. This has contributed to expanding operating profit margins and strengthening the Company’s ability to generate sustainable earnings.
Looking ahead to 2026, we project strong performance from the hotels and malls under ramp-up in Phase 2 and 3 (Address Jumeirah hotels and associated commercial areas) upon operational stabilization. We also anticipate a strong start for upcoming Rotana Hotel (Phase 4 of the Project), which was delivered at the end of 2025, particularly with the approaching Ramadan and Hajj seasons.”
Operational and Financial Review
Segment Results Key Operational Metrics
Category
Operating
Assets
Operating Assets – Breakdown
Stabilized Operating Asset
Operating Asset Under Ramp-up Activation
FY’25
FY’24
Δ%
FY’25
FY’24
Δ%
FY’25
FY’24
Δ%
Hotel Segment
Revenue (⃀ Million)
1,889
1,610
17%
1,168
1,096
7%
720
514
40%
Average Available keys (#)1
5,939
5,744
3%
3,444
3,444
—
2,495
2,291
9%
Occupancy (%)1
76%
66%
14%
84%
79%
6%
64%
47%
37%
Average Daily Rate – ADR (⃀)1
932
942
-1%
930
902
3%
937
1,041
-10%
Revenue Per Available Room RevPAR (⃀)1
705
625
13%
779
715
9%
603
489
23%
Commercial Centers Segment
Revenue (⃀ Millions)
214
174
23%
161
140
15%
53
35
54%
Occupancy (%)
63%
55%
13%
97%
99%
-2%
35%
16%
120%
[1] Hotel figures do not include the Rotana hotel, which began its soft opening late December, 2025
Hotels Segment:
Revenues from the Hotels segment rose 17% year‑over‑year to ⃀ 1,889 million in 2025, driven by the continued ramp-up of the new assets (The Address and Jumeirah hotels), and improved performance of stabilized hotels.
The hotel segment’s available keys grew by 3% year-on-year to 5,939. Occupancy increased to 76% for 2025 from 66% in 2024, resulting in RevPAR rising by 13% YoY to ⃀ 705.
Commercial Centers Segment (Malls): Revenues for the Commercial segment increased by 23% YoY to ⃀ 214 million, supported by increase in leasing rates in stabilized malls and rising occupancy in new commercial areas (in Phase 2, 3).
Properties for Development and Sale: The year 2025 did not witness the sale or recognition of revenues from properties held for development and sale, unlike 2024, which saw the recognition of revenues from properties that were sold in previous years and delivered in 2024.
Operational Updates
– The Company signed a management agreement with Rotana Hotels and Resorts to operate three hotel towers comprising 655 keys in Phase 4 of the project. In December, Jabal Omar received approval from the Ministry of Tourism to commence operations at two of the towers, totaling 450 keys. Preparations are currently underway to finalize the remaining operational requirements for the third tower, which is expected to become operational in Q1 2026.
– Jabal Omar also entered into a management agreement with the Accor Group (Sofitel Hotel) to operate four hotel towers comprising 1,141 keys in Phase 4 of the project. The property is expected to commence operation staring from the second half of 2026.
Consolidated Income Statement
⃀ Million
FY’25
FY’24
Δ%
Revenue
2,114
1,901
11%
Depreciation
(448)
(377)
-19%
Cost of revenue
(1,021)
(916)
-11%
Gross profit
645
608
6%
Other operating income
2,294
756
203%
Impairment charge on non-financial assets
52
(302)
-117%
General and administration expenses
(113)
(164)
31%
Selling and marketing expenses
(7)
(12)
42%
Allowance for expected credit losses
(13)
(49)
73%
Operating Profit
2,858
837
241%
Finance Costs
(564)
(712)
-21%
Finance income
49
109
-55%
Change in FV of financial instruments carried at FVTPL
8
(23)
-135%
Share of results from equity-accounted investee
6
13
-54%
Zakat
36
(24)
-250%
Net Profit for the year
2,393
200
1,097%
Earnings per share
2.03
0.17
1,094%
Adj. EBITDA
952
794
20%
Adj. EBITDA margin
45%
42%
322bps
Total revenues grew 11% year‑over‑year to ⃀ 2,114 million in 2025, primarily driven by 17% year‑over‑year growth in Hotel segment revenues and 23% year‑over‑year rise in Commercial segment revenues. Gross profit increased 6% year-on-year to ⃀ 645 million, partially constrained by the gradual ramp-up of newly operational properties and the one-off cost items related to new hotels. On a normalized basis, excluding the one off cost item, gross profit growth would have reached 16% year-on-year. Adjusted-EBITDA for the period jumped 20% YoY to ⃀ 951 million, driven by improved performance of the properties and cost discipline.
Profits from the sale of land assets resulted in other income of ⃀ 2,320 million during the year, resulting in an operating profit of ⃀ 2,858 million.
Financing costs declined by 21% year-on-year to SAR 564 million, primarily driven by debt reduction using proceeds from land sales, in addition to a decline in SAIBOR and the refinancing of several banking facilities at lower margins.
Overall, net profit for the year reached ⃀ 2,392 million, compared to ⃀ 201 million in 2024, translating into earnings per share of ⃀ 2.03 compared to ⃀ 0.17 in 2024.
Consolidated Balance Sheet
⃀ million
FY’25
FY’24
Δ%
Property, plant equipment
19,921
20,994
-5%
Non-current assets
25,082
24,743
1%
Trade and other receivables
182
840
-78%
Current assets
1,791
2,811
-36%
Total Assets
26,873
27,554
-2%
Retained Earnings
2,738
237
n.m.
Total Equity
15,864
13,471
18%
Long-term loans and borrowings
8,764
10,953
-20%
Non-current liabilities
9,699
11,962
-19%
Short-term loans and borrowings
552
1,157
-52%
Current Liabilities
1,311
2,121
-38%
Gross Debt
9,316
12,109
-23%
Net Debt
7,977
11,222
-29%
As part of its strategic priorities, the company has placed a lot of focus on reducing its debt obligations, while enhancing shareholder value. As a result, gross debt has reduced 23% year-on-year to ⃀ 9.3 billion at the end of 2025. Total equity increased 18% primarily due to profit from sale of land parcels.
Logo ofJabal Omar Development Company (JODC)
Jabal Omar Development Company (JODC) (SASE: 4250) today announced its financial results for the year ended December 31, 2025, reporting revenues of ⃀ 2,114 million, up 11% year-over-year, alongside adjusted EBITDA1 of 951 million, reflecting a 20% year-over-year increase. This strong performance was primarily driven by the continued ramp-up of The Address and Jumeirah Hotels, delivered in late 2023 and mid-2024, respectively, in addition to enhanced performance across the hospitality and commercial portfolios.
The sale of several land parcels in 2025, completed as part of the Company’s strategy to reduce debt and fund the construction of phase 4. This allowed the company to reduce the outstanding debt from over ⃀ 12,109 million at the end of 2024 to ⃀ 9,316 million at the end of 2025 and shore up the cash balance to ⃀ 1,339 million.
Saeed bin Muhammad Alghamdi, Chairman of Jabal Omar Development Company, commented:
“2025 represents a pivotal year in Jabal Omar’s history, marking the successful completion of the Company’s transformation strategy launched in 2021. This strategy was designed with clear objectives: accelerated delivery of projects under construction (phase 2, 3 4), capital structure optimization, and revenue maximization operating assets.
The completion of Phases 2 and 3 (2,495 Keys), in addition to the partial handover and operation of Phase 4 (1,796 keys), underscore the effective execution of this plan. With Phase 4 now approximately 88% complete, Jabal Omar is approaching the conclusion of a long capital expenditure cycle. The sales of Phases 5 and 6, totalling 6 plots, has enabled the company to significantly reduce debt, and fund the completion of phase 2, 3 and 4.
Looking ahead, the Company will focus on enhancing the performance and profitability of existing and new assets and planning the development of phase 7, all with the aim of maximizing shareholder value. We have assembled an experienced and highly capable team to deliver on this next chapter, and I am confident in our ability to drive sustainable growth and long‑term success for Jabal Omar.”
Saleh Al-Habdan, CEO of Jabal Omar Development Company, commented:
The Company has achieved the highest revenue record in 2025 from its operating assets. This was driven by the strong performance and operational efficiency of our assets, alongside disciplined management of operating and financing costs. This has contributed to expanding operating profit margins and strengthening the Company’s ability to generate sustainable earnings.
Looking ahead to 2026, we project strong performance from the hotels and malls under ramp-up in Phase 2 and 3 (Address Jumeirah hotels and associated commercial areas) upon operational stabilization. We also anticipate a strong start for upcoming Rotana Hotel (Phase 4 of the Project), which was delivered at the end of 2025, particularly with the approaching Ramadan and Hajj seasons.”
Operational and Financial Review
Segment Results Key Operational Metrics
Category
Operating
Assets
Operating Assets – Breakdown
Stabilized Operating Asset
Operating Asset Under Ramp-up Activation
FY’25
FY’24
Δ%
FY’25
FY’24
Δ%
FY’25
FY’24
Δ%
Hotel Segment
Revenue (⃀ Million)
1,889
1,610
17%
1,168
1,096
7%
720
514
40%
Average Available keys (#)1
5,939
5,744
3%
3,444
3,444
—
2,495
2,291
9%
Occupancy (%)1
76%
66%
14%
84%
79%
6%
64%
47%
37%
Average Daily Rate – ADR (⃀)1
932
942
-1%
930
902
3%
937
1,041
-10%
Revenue Per Available Room RevPAR (⃀)1
705
625
13%
779
715
9%
603
489
23%
Commercial Centers Segment
Revenue (⃀ Millions)
214
174
23%
161
140
15%
53
35
54%
Occupancy (%)
63%
55%
13%
97%
99%
-2%
35%
16%
120%
[1] Hotel figures do not include the Rotana hotel, which began its soft opening late December, 2025
Hotels Segment:
Revenues from the Hotels segment rose 17% year‑over‑year to ⃀ 1,889 million in 2025, driven by the continued ramp-up of the new assets (The Address and Jumeirah hotels), and improved performance of stabilized hotels.
The hotel segment’s available keys grew by 3% year-on-year to 5,939. Occupancy increased to 76% for 2025 from 66% in 2024, resulting in RevPAR rising by 13% YoY to ⃀ 705.
Commercial Centers Segment (Malls): Revenues for the Commercial segment increased by 23% YoY to ⃀ 214 million, supported by increase in leasing rates in stabilized malls and rising occupancy in new commercial areas (in Phase 2, 3).
Properties for Development and Sale: The year 2025 did not witness the sale or recognition of revenues from properties held for development and sale, unlike 2024, which saw the recognition of revenues from properties that were sold in previous years and delivered in 2024.
Operational Updates
– The Company signed a management agreement with Rotana Hotels and Resorts to operate three hotel towers comprising 655 keys in Phase 4 of the project. In December, Jabal Omar received approval from the Ministry of Tourism to commence operations at two of the towers, totaling 450 keys. Preparations are currently underway to finalize the remaining operational requirements for the third tower, which is expected to become operational in Q1 2026.
– Jabal Omar also entered into a management agreement with the Accor Group (Sofitel Hotel) to operate four hotel towers comprising 1,141 keys in Phase 4 of the project. The property is expected to commence operation staring from the second half of 2026.
Consolidated Income Statement
⃀ Million
FY’25
FY’24
Δ%
Revenue
2,114
1,901
11%
Depreciation
(448)
(377)
-19%
Cost of revenue
(1,021)
(916)
-11%
Gross profit
645
608
6%
Other operating income
2,294
756
203%
Impairment charge on non-financial assets
52
(302)
-117%
General and administration expenses
(113)
(164)
31%
Selling and marketing expenses
(7)
(12)
42%
Allowance for expected credit losses
(13)
(49)
73%
Operating Profit
2,858
837
241%
Finance Costs
(564)
(712)
-21%
Finance income
49
109
-55%
Change in FV of financial instruments carried at FVTPL
8
(23)
-135%
Share of results from equity-accounted investee
6
13
-54%
Zakat
36
(24)
-250%
Net Profit for the year
2,393
200
1,097%
Earnings per share
2.03
0.17
1,094%
Adj. EBITDA
952
794
20%
Adj. EBITDA margin
45%
42%
322bps
Total revenues grew 11% year‑over‑year to ⃀ 2,114 million in 2025, primarily driven by 17% year‑over‑year growth in Hotel segment revenues and 23% year‑over‑year rise in Commercial segment revenues. Gross profit increased 6% year-on-year to ⃀ 645 million, partially constrained by the gradual ramp-up of newly operational properties and the one-off cost items related to new hotels. On a normalized basis, excluding the one off cost item, gross profit growth would have reached 16% year-on-year. Adjusted-EBITDA for the period jumped 20% YoY to ⃀ 951 million, driven by improved performance of the properties and cost discipline.
Profits from the sale of land assets resulted in other income of ⃀ 2,320 million during the year, resulting in an operating profit of ⃀ 2,858 million.
Financing costs declined by 21% year-on-year to SAR 564 million, primarily driven by debt reduction using proceeds from land sales, in addition to a decline in SAIBOR and the refinancing of several banking facilities at lower margins.
Overall, net profit for the year reached ⃀ 2,392 million, compared to ⃀ 201 million in 2024, translating into earnings per share of ⃀ 2.03 compared to ⃀ 0.17 in 2024.
Consolidated Balance Sheet
⃀ million
FY’25
FY’24
Δ%
Property, plant equipment
19,921
20,994
-5%
Non-current assets
25,082
24,743
1%
Trade and other receivables
182
840
-78%
Current assets
1,791
2,811
-36%
Total Assets
26,873
27,554
-2%
Retained Earnings
2,738
237
n.m.
Total Equity
15,864
13,471
18%
Long-term loans and borrowings
8,764
10,953
-20%
Non-current liabilities
9,699
11,962
-19%
Short-term loans and borrowings
552
1,157
-52%
Current Liabilities
1,311
2,121
-38%
Gross Debt
9,316
12,109
-23%
Net Debt
7,977
11,222
-29%
As part of its strategic priorities, the company has placed a lot of focus on reducing its debt obligations, while enhancing shareholder value. As a result, gross debt has reduced 23% year-on-year to ⃀ 9.3 billion at the end of 2025. Total equity increased 18% primarily due to profit from sale of land parcels.
