RIYADH: Jabal Omar Development Co., one of Saudi Arabia’s largest listed property developers, has seen its losses narrow by 47 percent in the first quarter, due to improved post-pandemic business operations. Makkah-based Jabal Omar posted SR182 million ($49 million) in losses, compared to losses amounting to SR345 million a year earlier, a bourse filing showed. The slightly improved results accompanied an increase in revenue of 408 percent year-on-year to SR110 million. The firm said it benefited from the easing of pandemic restrictions, noting that “business operations gained momentum in hotels and malls.” It added that day-to-day costs were cut, supported by the company’s implementation of cost optimization initiatives. “Looking ahead, we remain optimistic, especially as the Hajj season approaches and the increasing number of Umrah pilgrims we have seen, setting a strong indicator for what to expect going forward post-COVID,” said CEO Khalid Al Amoudi.