Jabal Omar Development Co. posted a net loss of SR261.61 million for the third quarter of 2026, compared with a profit of SR197.85 million in the same quarter last year.
The Saudi developer, which runs hotels and shopping centers next to the Grand Mosque in Makkah, said the swing reflected the absence of one-off gains. The year-earlier quarter included SR510 million in gains from a land sale.
Third-quarter revenue rose 14.2% to SR370.03 million, helped by its hotels and shopping centers and the opening of a Rotana hotel early this year, the company said in results reported by Argaam.
Finance costs charged to the income statement rose by SR27 million in the quarter. The company said it had stopped capitalizing borrowing costs on part of its phase four assets.
Losses from changes in the fair value of financial instruments rose by SR21 million. Impairment provisions fell by SR107 million, partly offsetting the decline.
Against the second quarter, revenue fell 48% because that period included the Hajj season.
For the first nine months, net profit fell 98.8% to SR13.51 million from SR1.10 billion a year earlier. Revenue rose 16% to SR1.82 billion.
Hotel revenue rose 16%, or SR228 million, over the nine months, while shopping center revenue rose 16%, or SR23 million. One-off gains were SR1.41 billion lower than in the same period of 2025, and property depreciation rose by SR79 million.
The quarterly loss is equal to about $69.76 million, Al Arabiya reported.
