JAZADCO turns to SAR 10.8 mln profit in 2020

28/03/2021 Argaam Exclusive

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Jazan Energy and Development Co. (JAZADCO) turned to a net profit after Zakat and tax of SAR 10.8 million in 2020, from a net loss of SAR 12.9 million in 2019.

Financials (M)

Item	2019	2020	Change‬
Revenues	71.88	85.07	18.3 %
Gross Income	15.74	30.79	95.5 %
Operating Income	(10.54)	8.45	180.2 %
Net Income	(12.90)	10.78	183.6 %
Average Shares	50.00	50.00	-
EPS (Riyals)	(0.26)	0.22	183.6 %

The company attributed the profit to higher shrimp and mango sales, increase in real estate revenue, lower operating expenses and general & administrative expenses, and gains from subsidiary Mango Jazan Co.

The company also witnessed a significant improvement in efficiency and production of shrimp, which resulted in a growth of 41% in production.

In Q4 2020, JAZADCO swung to a net profit after Zakat and tax of SAR 1.2 million compared to SAR 4.5 million in the same period a year ago.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	22.84	24.75	8.4 %
Gross Income	7.19	3.76	(47.6 %)
Operating Income	(3.45)	(1.69)	51.0 %
Net Income	(4.58)	1.15	125.1 %
Average Shares	50.00	50.00	-
EPS (Riyals)	(0.09)	0.02	125.1 %

Item	Q3 2020	Q4 2020	Change‬
Revenues	18.65	24.75	32.7 %
Gross Income	11.94	3.76	(68.5 %)
Operating Income	7.96	(1.69)	(121.3 %)
Net Income	8.45	1.15	(86.4 %)
Average Shares	50.00	50.00	-
EPS (Riyals)	0.17	0.02	(86.4 %)

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