Jazan Energy and Development Co. (JAZADCO) reported a net profit of SAR 18.7 million in the first nine months of 2023, a 31.6% decline compared to SAR 27.3 million in the year-ago period.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 57.40 | 72.29 | 25.9 % |
| Gross Income | 17.49 | 24.44 | 39.7 % |
| Operating Income | (4.87) | 7.46 | 253.0 % |
| Net Income | 27.25 | 18.65 | (31.6 %) |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 0.54 | 0.37 | (31.6 %) |
The company turned year-on-year (YoY) from loss to profit in Q3 2023, driven by an increase in shrimp sales in the local market, which in turn achieved a 31% leap in revenues, 21% total profit, and 1256% operating profit.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 13.24 | 17.36 | 31.1 % |
| Gross Income | 5.27 | 6.37 | 21.0 % |
| Operating Income | (0.83) | 3.82 | 560.9 % |
| Net Income | (1.08) | 5.47 | 605.6 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | (0.02) | 0.11 | 605.6 % |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 27.45 | 17.36 | (36.8 %) |
| Gross Income | 9.20 | 6.37 | (30.7 %) |
| Operating Income | 1.57 | 3.82 | 143.1 % |
| Net Income | 11.40 | 5.47 | (52.1 %) |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 0.23 | 0.11 | (52.1 %) |
On the other hand, the company reported lower profit quarter-on-quarter (QoQ), whereas Q2 2023 witnessed earnings generated from the company’s stake in its subsidiary, Rakhaa Agricultural Investment Co.
Shareholders’ equity, excluding minority interest, amounted to SAR 564.392.
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