Tadawul-listed Jabal Omar Development Company secured SAR 2 bn in murabaha financing from Alrajhi Bank to refinance existing debt on better terms, it said in a disclosure to Tadawul.

The five-year facility can be extended for an additional three years and is backed by a mortgage of two assets at the Jabal Omar project, the statement read.

The transaction is part of the real estate player’s strategy to strengthen its debt portfolio, offering a more favorable repayment schedule, enhancing cashflow sustainability, and improving the company’s mortgage structure against loans, the statement read.

Aggressive deleveraging: The company significantly reduced its reliance on debt during the year that ended 30 June 2025, drawing down only SAR 46.3 mn, compared to SAR 849.6 mn in the prior year, according to its most recent financial statement (pdf). In addition, it increased repayments to SAR 1.3 bn during the same period, up from SAR 140 mn a year earlier. This deleveraging strategy also lowered finance costs, which declined to SAR 342.3 mn from SAR 427.3 mn, reflecting a stronger debt profile and improved balance sheet discipline.

ICYMI- The company fell into the red with SAR 42.1 mn in net loss in 2Q 2025, compared to SAR 33.3 mn in net income during the same quarter last year. On the other hand, it saw its net income rise 17x y-o-y in 1H 2025 to SAR 904 mn, while its revenues edged up 2.6% y-o-y to SAR 1.3 bn over the same period.

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