Aljazira Capital has affirmed its “neutral” rating on Jabal Omar Development Company, setting a target price of SAR 50 per share.

 

Recent bad debt provisions are “a concern for the company, setting a level of uncertainty to earnings outlook,” the investment arm of Aljazira Bank said.

 

Jabal Omar had SAR 8 million in bad debt provisions for Q4-2015, totaling SAR 114.3 million for the previous three quarters.

 

“Our assumptions do not discount for the recent board of directors recommendation to turn Jabal Omar into a holding company and expand investments to nearby areas,” the brokerage firm said.

 

Aljazira expects Jabal Omar to record revenue of SAR 1.10 billion in 2016, as well as a net profit of SAR 407 million for the same period.

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