Jabal Omar switches to Gregorian calendar

01/05/2017 Argaam

Jabal Omar Development Co.’s fiscal year will now follow the Gregorian calendar, instead of the lunar-based Hijri calendar, the company said in a bourse statement on Monday.

 

The new fiscal year will end on Dec. 31, 2017, and the company will start issuing new financial statements for upcoming fiscal periods as follows: Q2 2017 from April 13 - June 30; Q3 2017 for the three months from July to September; and Q4 2017 for October, November, and December.

 

Switching to the solar-based calendar will have no negative financial impact, Jabal Omar said. 

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