Saudi Arabia’s Jabal Omar Development Company has reported a quarterly net profit of SR690m ($184m) compared with a loss of SR123m ($33.8m) in the same period last year.

The Saudi developer’s gross profit surged to SR697.83m during the third quarter, compared to a profit of SR26.20m for the same quarter of 2015.

Earlier this year the developer signed an agreement with the Ministry of Finance to extend payment deadlines on a SR3bn ($800m) loan, according to a company statement on Saudi Arabia’s stock exchange (Tadawul).

The eight-year loan was extended for three years, and the first instalment is now due to be paid in January 2019.

The company also recently transformed the firm into a holding company amid financial difficulties. The firm laid out the strategy for what it has called a 10-year plan.

Jabal Omar said the plan will be made up of three key steps.

First, will be the transformation of the developer into a holding company in order to allow for ”acquisitions outside of existing projects”.

Second, will be what the firm has called a ”geographic expansion,” although the statement provided no further information on which other markets the company would be interested in.

Third, will be a “long-term leasing and sales strategy to improve the company’s cash-flow.”

The firm has been working since 2007 to secure all the financing for its 2.5 million-square-metre project, located near the Grand Mosque in Mecca.