Jazan Energy and Development Co. (JAZADCO) reported a dip of 54% in H1 2023 net profit to SAR 13.2 million from SAR 28.3 million a year earlier.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 44.16 | 54.93 | 24.4 % |
| Gross Income | 12.22 | 18.06 | 47.8 % |
| Operating Income | (4.04) | 3.63 | 189.9 % |
| Net Income | 28.33 | 13.18 | (53.5 %) |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 0.57 | 0.26 | (53.5 %) |
The company recorded a net profit of SAR 31 million from the sale of a land plot in Jazan in H1 2022.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 17.85 | 27.45 | 53.8 % |
| Gross Income | 3.63 | 9.20 | 153.6 % |
| Operating Income | (6.62) | 1.57 | 123.7 % |
| Net Income | 24.65 | 11.40 | (53.8 %) |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 0.49 | 0.23 | (53.8 %) |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 27.48 | 27.45 | (0.1 %) |
| Gross Income | 8.87 | 9.20 | 3.7 % |
| Operating Income | 2.06 | 1.57 | (23.8 %) |
| Net Income | 1.78 | 11.40 | 539.3 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 0.04 | 0.23 | 539.3 % |
The second-quarter net profit dropped 54% to SAR 11.4 million from SAR 24.65 million in Q2 2022.
JAZADCO’s quarterly net earnings skyrocketed from SAR 1.78 million in Q1 2023, due to lower operating costs and the company’s focus on the local market to sell its shrimp products. It also generated profits from booking the company’s share in Rakhaa Co.
Shareholders’ equity, after minority interest, rose marginally to SAR 558.95 million as of June 30, 2023, from SAR 572.27 million a year earlier.
Accumulated losses stood at SAR 16.54 million by the end of the six-month period, representing 3% of the company’s capital.
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