JAZADCO net profit surges to SAR 27.3 mln in 9M 2022, Q3 losses at SAR 1.1 mln

Jazan Energy and Development Co. (JAZADCO) reported a net profit after Zakat and tax of SAR 27.3 million in the first nine months of 2022, a 123% increase compared to SAR 12.2 million in the year-ago period.

The profit increase was driven by the sale of a fixed asset (land in Khabt Al Falaq area in Jazan) with a gain of SAR 31 million. This was despite the decrease in gross profit by 43%.

In Q3 2022, the company turned to a loss of SAR 1.1 million, against a profit of SAR 2.4 million, in the year before.

This came on lower sales value as exports to the Russian market were suspended due to the war repercussions and exports to the Egyptian market because of the introduction of new export procedures that resulted in a decrease in gross profit by 41%.

Sequentially, the company made a loss from a net profit of SAR 24.7 million in Q2 2022.

Shareholders’ equity, excluding minority interest, grew to SAR 569.872 million as of Sept. 30, 2022, from SAR 542.583 million in the year-earlier period.

Accumulated losses came in at SAR 18.438 million by the end of the nine-month period, representing 4% of the company’s capital.

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