Logo ofJabal Omar Development Company 
Jabal Omar Development Company (SASE: 4250; “JODC”) today reported its financial results for the first half ended June 30, 2026. Revenues totaled SAR 1,454 million, up 16% year-over-year, primarily driven by stronger demand from domestic guests, Hajj season and the opening of the Rotana Hotel, further supported by the continuous optimization of our pricing strategy. The adjusted EBITDA grow to SAR 793 million, representing 15% increase compared to the same period last year. Adj. EBITDA margin stood at a healthy 54.5% for 1H 2026.
Saleh Al-Habdan, CEO of Jabal Omar Development Company, commented:
“As the regional conflict affected international and regional tourist arrivals. Management responded decisively by targeting domestic demand. The strong performance of our core business during this period showcases the quality of our assets and the resilience of our operating model. We expect this momentum to continue as our new assets mature and the geopolitical environment improves.
Management remains firmly focused on executing our strategy, completing construction of Phase 4, enhancing portfolio performance, and reducing debt. The recent government approval allowing non-Saudis to own real estate is a significant positive development that will expand the potential investor base in the Jabal Omar area, support stronger demand, and contribute to improved pricing. We intend to capitalize on this opportunity by offering existing hotel units for sale, which will help accelerate debt reduction.
Jabal Omar is at a pivotal stage in its journey. After nearly two decades of investment, we are approaching the completion of our capex cycle. A significant portion of our current portfolio is now in ramp-up phase, as these assets stabilize, we expect a meaningful step-up in profitability and cash flow, strengthening our balance sheet and creating further capacity to reduce debt. We remain confident in the long-term outlook for the business and the exceptional quality of our asset base.”
Operational and Financial Review
Segment Results Key Operational Metrics
Category
Full Operating Assets
1H’26
1H’25
Δ%
Hotel Segment
Revenue (SAR Million)
1,339
1,140
17%
Average Available Keys in period (#)
6,443
5,939
11%
Occupancy (%)
73%
72%
1%
Average Daily Rate (ADR) (SAR)
1,296
1,218
6%
Revenue Per Available Room (RevPAR) (SAR)
948
882
7%
Commercial Centers Segment
Revenue (SARMillion)
110
104
6%
Occupied GLA Sq meters
34,288
31,075
10%
Category
Full Operating Assets – Breakdown
Stabilized Operating Asset
Operating Asset Under Ramp-up Activation
1H’26
1H’25
Δ%
1H’26
1H’25
Δ%
Hotel Segment
Revenue (SAR Million)
750
719
4%
589
421
40%
Average Available Keys in period (#)
3,444
3,444
0%
2,999
2,495
20%
Occupancy (%)
81%
80%
1%
64%
61%
4%
Average Daily Rate – ADR (SAR)
1,233
1,219
1%
1,389
1,218
14%
Revenue Per Available Room (RevPAR) (SAR)
1,000
979
2%
888
748
19%
Commercial Centers Segment
Revenue (SAR Million)
91
79
16%
19
25
(24 %)
Occupied GLA Sq meters
24,428
23,135
6%
9,861
7,940
24%
Hotels Segment:
Revenues from the Hotels segment increased 17% year-over-year to SAR1,339 million in 1H 2026, supported by the ramp up of new hotels and the opening of the Rotana hotel. In response to the geopolitical situation, we adjusted our commercial strategy to focus on domestic travelers. This approach generated a strong response from domestic and GCC guests, helping offset the softer performance seen in the first quarter.
Total available keys across the hotel portfolio grew 11% year-over-year to 6,591. Our RevPAR improved 7% year-over-year to SAR 948, while overall occupancy remained broadly stable at 73%, even after the addition of 652 new keys amid the opening of Rotana hotel demonstrating the strength of market demand and the effectiveness of our commercial strategy.
Commercial Centers Segment (Malls):
Revenues from the Commercial Centers (Malls) segment grew 6% year-over-year to SAR110 million, driven by an increased in occupied GLA by 10% year-over-year to 34,288 square meters, underscoring continued demand for retail space across the company’s properties.
Consolidated Income Statement
SAR Million
1H’26
1H’25
Δ%
Revenue
1,454
1,249
16%
Cost of revenue
(848)
(725)
17%
Gross profit
607
525
16%
Other operating income
4
907
(100%)
Selling marketing expenses
(2)
(3)
(52%)
General administration expenses
(53)
(50)
5%
Impairment charge on non-financial assets
(55)
(261)
(79%)
(Charge)/reversal of expected credit losses
(20)
9
NM
Operating Profit
481
1,126
(57%)
Total finance costs
(219)
(318)
(31%)
Q
20
12
64%
Change in fair value of financial instruments
0
23
(100%)
Result from equity accounted investee
3
3
7%
Profit for the year before Zakat
285
847
-66%
Zakat
(10)
57
NM
Profit for the year
275
904
(70%)
Earnings per share
0.23
0.77
(70%)
Adjusted Operating Profit
536
469
14%
Adjusted Operating Profit Margin (%)
37%
38%
(1%)
Adjusted EBITDA
793
688
15%
Adjusted EBITDA Margin
55%
55%
(1%)
Adj. Funds from Operations
561
447
25%
Total revenues for 1H 2026 stood at SAR1,454 million, up 16% year-over-year. The increase was primarily driven by the ramp-up in performance of the new hotels, the growth of our asset portfolio, and strong demand from domestic tourists, which offset the impact of lower foreign traveler arrivals during the period. As a result, our gross profit increased 16% year-over-year to SAR 607 million.
Other operating income for the period stood at SAR 4 million, compared to SAR 907 million in the same period last year, when the sale of assets contributed SAR918 million to other income. Meanwhile, general and administrative expenses increased by 5% year-on-year to SAR 53 million. Impairment charge for the period came in at SAR 55 million, down 79% year-on-year. Excluding, the impact of non-recurring items such as land sales, impairment charges, and reversals, adjusted EBITDA grew 15% year-over-year to SAR 793 million.
Finance costs declined 31% year-over-year to SAR 219 million, reflecting debt repayment funded by land sale proceeds, lower borrowing cost and one-time accounting adjustment. 1H 2025 results also included a one-off positive impact of SAR23 million gain on change in fair value of financial instruments, primarily related to the debt-to-equity swap.
As a result, net profit came in at SAR 275 million in 1H 2026, compared to SAR904 million in 1H 2025, with the year-over-year variance driven by non-recurring gains in the prior period, namely the land sale gain and the fair value gain on the debt-to-equity swap.
Adjusted funds from operations increased by 25% year-on-year to SAR 561 million for 1H 2026, compared to SAR 447 million in 1H 2025 driven by performance of the hotel segment, and lower interest expenses on the back of reduced debt obligations.
Consolidated Balance Sheet
SAR Million
2Q’26
FY’25
Δ%
Property, plant equipment
19,930
19,921
0%
Other Non-current assets
5,136
5,161
0%
Trade other receivables
228
182
25%
Cash cash equivalents
864
1,184
(27%)
Other Current assets
601
425
42%
Total assets
26,759
26,873
0%
Share capital
11,800
11,800
0%
Subordinated perpetual instrument
690
690
0%
Non-controlling interest
0
1
(100%)
Reserves
3,648
3,372
8%
Total equity
16,138
15,864
2%
Loans borrowings (non-current)
8,684
8,764
(1%)
Other Non-current liabilities
972
935
4%
Loans borrowings (current)
420
552
(24%)
Trade payable other current liabilities
498
676
(26%)
Zakat payable
47
84
(44%)
Total Liabilities
10,622
11,010
(4%)
Total equity liabilities
26,759
26,873
0%
Net loans borrowings
9,104
9,316
(2%)
Net debt
7,975
7,977
0%
As part of its strategic priorities, the company has placed a lot of focus on reducing its debt while enhancing shareholder value. Total assets were mostly flat compared to 2025. Gross debt decreased 2% from the year-end, to reach SAR 9.1 billion by 1H 2026. During the quarter, we also refinanced a SAR 2 billion loan, reducing our debt obligations in the near term and giving us more flexibility. Meanwhile, total equity grew 2% from 2025 to reach almost SAR16 billion for 1H 2026.
Logo ofJabal Omar Development Company
Jabal Omar Development Company (SASE: 4250; “JODC”) today reported its financial results for the first half ended June 30, 2026. Revenues totaled SAR 1,454 million, up 16% year-over-year, primarily driven by stronger demand from domestic guests, Hajj season and the opening of the Rotana Hotel, further supported by the continuous optimization of our pricing strategy. The adjusted EBITDA grow to SAR 793 million, representing 15% increase compared to the same period last year. Adj. EBITDA margin stood at a healthy 54.5% for 1H 2026.
Saleh Al-Habdan, CEO of Jabal Omar Development Company, commented:
“As the regional conflict affected international and regional tourist arrivals. Management responded decisively by targeting domestic demand. The strong performance of our core business during this period showcases the quality of our assets and the resilience of our operating model. We expect this momentum to continue as our new assets mature and the geopolitical environment improves.
Management remains firmly focused on executing our strategy, completing construction of Phase 4, enhancing portfolio performance, and reducing debt. The recent government approval allowing non-Saudis to own real estate is a significant positive development that will expand the potential investor base in the Jabal Omar area, support stronger demand, and contribute to improved pricing. We intend to capitalize on this opportunity by offering existing hotel units for sale, which will help accelerate debt reduction.
Jabal Omar is at a pivotal stage in its journey. After nearly two decades of investment, we are approaching the completion of our capex cycle. A significant portion of our current portfolio is now in ramp-up phase, as these assets stabilize, we expect a meaningful step-up in profitability and cash flow, strengthening our balance sheet and creating further capacity to reduce debt. We remain confident in the long-term outlook for the business and the exceptional quality of our asset base.”
Operational and Financial Review
Segment Results Key Operational Metrics
Category
Full Operating Assets
1H’26
1H’25
Δ%
Hotel Segment
Revenue (SAR Million)
1,339
1,140
17%
Average Available Keys in period (#)
6,443
5,939
11%
Occupancy (%)
73%
72%
1%
Average Daily Rate (ADR) (SAR)
1,296
1,218
6%
Revenue Per Available Room (RevPAR) (SAR)
948
882
7%
Commercial Centers Segment
Revenue (SARMillion)
110
104
6%
Occupied GLA Sq meters
34,288
31,075
10%
Category
Full Operating Assets – Breakdown
Stabilized Operating Asset
Operating Asset Under Ramp-up Activation
1H’26
1H’25
Δ%
1H’26
1H’25
Δ%
Hotel Segment
Revenue (SAR Million)
750
719
4%
589
421
40%
Average Available Keys in period (#)
3,444
3,444
0%
2,999
2,495
20%
Occupancy (%)
81%
80%
1%
64%
61%
4%
Average Daily Rate – ADR (SAR)
1,233
1,219
1%
1,389
1,218
14%
Revenue Per Available Room (RevPAR) (SAR)
1,000
979
2%
888
748
19%
Commercial Centers Segment
Revenue (SAR Million)
91
79
16%
19
25
(24 %)
Occupied GLA Sq meters
24,428
23,135
6%
9,861
7,940
24%
Hotels Segment:
Revenues from the Hotels segment increased 17% year-over-year to SAR1,339 million in 1H 2026, supported by the ramp up of new hotels and the opening of the Rotana hotel. In response to the geopolitical situation, we adjusted our commercial strategy to focus on domestic travelers. This approach generated a strong response from domestic and GCC guests, helping offset the softer performance seen in the first quarter.
Total available keys across the hotel portfolio grew 11% year-over-year to 6,591. Our RevPAR improved 7% year-over-year to SAR 948, while overall occupancy remained broadly stable at 73%, even after the addition of 652 new keys amid the opening of Rotana hotel demonstrating the strength of market demand and the effectiveness of our commercial strategy.
Commercial Centers Segment (Malls):
Revenues from the Commercial Centers (Malls) segment grew 6% year-over-year to SAR110 million, driven by an increased in occupied GLA by 10% year-over-year to 34,288 square meters, underscoring continued demand for retail space across the company’s properties.
Consolidated Income Statement
SAR Million
1H’26
1H’25
Δ%
Revenue
1,454
1,249
16%
Cost of revenue
(848)
(725)
17%
Gross profit
607
525
16%
Other operating income
4
907
(100%)
Selling marketing expenses
(2)
(3)
(52%)
General administration expenses
(53)
(50)
5%
Impairment charge on non-financial assets
(55)
(261)
(79%)
(Charge)/reversal of expected credit losses
(20)
9
NM
Operating Profit
481
1,126
(57%)
Total finance costs
(219)
(318)
(31%)
Q
20
12
64%
Change in fair value of financial instruments
0
23
(100%)
Result from equity accounted investee
3
3
7%
Profit for the year before Zakat
285
847
-66%
Zakat
(10)
57
NM
Profit for the year
275
904
(70%)
Earnings per share
0.23
0.77
(70%)
Adjusted Operating Profit
536
469
14%
Adjusted Operating Profit Margin (%)
37%
38%
(1%)
Adjusted EBITDA
793
688
15%
Adjusted EBITDA Margin
55%
55%
(1%)
Adj. Funds from Operations
561
447
25%
Total revenues for 1H 2026 stood at SAR1,454 million, up 16% year-over-year. The increase was primarily driven by the ramp-up in performance of the new hotels, the growth of our asset portfolio, and strong demand from domestic tourists, which offset the impact of lower foreign traveler arrivals during the period. As a result, our gross profit increased 16% year-over-year to SAR 607 million.
Other operating income for the period stood at SAR 4 million, compared to SAR 907 million in the same period last year, when the sale of assets contributed SAR918 million to other income. Meanwhile, general and administrative expenses increased by 5% year-on-year to SAR 53 million. Impairment charge for the period came in at SAR 55 million, down 79% year-on-year. Excluding, the impact of non-recurring items such as land sales, impairment charges, and reversals, adjusted EBITDA grew 15% year-over-year to SAR 793 million.
Finance costs declined 31% year-over-year to SAR 219 million, reflecting debt repayment funded by land sale proceeds, lower borrowing cost and one-time accounting adjustment. 1H 2025 results also included a one-off positive impact of SAR23 million gain on change in fair value of financial instruments, primarily related to the debt-to-equity swap.
As a result, net profit came in at SAR 275 million in 1H 2026, compared to SAR904 million in 1H 2025, with the year-over-year variance driven by non-recurring gains in the prior period, namely the land sale gain and the fair value gain on the debt-to-equity swap.
Adjusted funds from operations increased by 25% year-on-year to SAR 561 million for 1H 2026, compared to SAR 447 million in 1H 2025 driven by performance of the hotel segment, and lower interest expenses on the back of reduced debt obligations.
Consolidated Balance Sheet
SAR Million
2Q’26
FY’25
Δ%
Property, plant equipment
19,930
19,921
0%
Other Non-current assets
5,136
5,161
0%
Trade other receivables
228
182
25%
Cash cash equivalents
864
1,184
(27%)
Other Current assets
601
425
42%
Total assets
26,759
26,873
0%
Share capital
11,800
11,800
0%
Subordinated perpetual instrument
690
690
0%
Non-controlling interest
0
1
(100%)
Reserves
3,648
3,372
8%
Total equity
16,138
15,864
2%
Loans borrowings (non-current)
8,684
8,764
(1%)
Other Non-current liabilities
972
935
4%
Loans borrowings (current)
420
552
(24%)
Trade payable other current liabilities
498
676
(26%)
Zakat payable
47
84
(44%)
Total Liabilities
10,622
11,010
(4%)
Total equity liabilities
26,759
26,873
0%
Net loans borrowings
9,104
9,316
(2%)
Net debt
7,975
7,977
0%
As part of its strategic priorities, the company has placed a lot of focus on reducing its debt while enhancing shareholder value. Total assets were mostly flat compared to 2025. Gross debt decreased 2% from the year-end, to reach SAR 9.1 billion by 1H 2026. During the quarter, we also refinanced a SAR 2 billion loan, reducing our debt obligations in the near term and giving us more flexibility. Meanwhile, total equity grew 2% from 2025 to reach almost SAR16 billion for 1H 2026.
