Jazan Development and Investment Co.’s (JAZADCO) profit decreased to SAR 1.8 million by the end of 2023, down 84% compared to a SAR 10.7 million profit a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 77.89 | 84.33 | 8.3 % |
| Gross Income | 15.79 | 22.27 | 41.0 % |
| Operating Income | (22.33) | (4.97) | 77.7 % |
| Net Income | 10.71 | 1.76 | (83.6 %) |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 0.21 | 0.04 | (83.6 %) |
JAZADCO said it generated profit from the sale of a fixed asset, namely land in the Khabat Al-Falaq area in Jazan, leading to net earnings of SAR 31 million in 2022.
The profit decline in 2023 came despite an increase in sales compared to 2022.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 20.50 | 12.04 | (41.2 %) |
| Gross Income | (1.70) | (2.17) | (27.5 %) |
| Operating Income | (17.46) | (12.43) | 28.8 % |
| Net Income | (16.54) | (16.89) | (2.1 %) |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | (0.33) | (0.34) | (2.1 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 17.36 | 12.04 | (30.6 %) |
| Gross Income | 6.37 | (2.17) | (134.0 %) |
| Operating Income | 3.82 | (12.43) | (425.3 %) |
| Net Income | 5.47 | (16.89) | (409.0 %) |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 0.11 | (0.34) | (409.0 %) |
JAZADCO incurred SAR 16.9 million in net loss in Q4 2023, deepening from a net loss of SAR 16.54 million in Q4 2022.
Sequentially, the company turned to a net loss in Q4 from a net profit of SAR 5.47 million in Q3 2023.
Total shareholders’ equity, after minority interest, stood at SAR 507.87 million as of Dec. 31, 2023, from SAR 513.23 million a year earlier.
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