Financial Results : JAZADCO turns to SAR 524,000 in profit in Q1 2020

JAZADCO turns to SAR 524,000 in profit in Q1 2020

20/05/2020 Argaam Exclusive

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Jazan Energy and Development Co. (JAZADCO) reported net profit after Zakat and tax of SAR 524,000 in Q1 2020, versus net losses of SAR 5.2 million in year-earlier period, driven by a 36% increase in sales revenue.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 16.66 22.59 35.6 %
Gross Income (1.08) 5.95 651.2 %
Operating Income (4.98) 1.26 125.2 %
Net Income (5.23) 0.52 110.0 %
Average Shares 50.00 50.00 -
Earnings Per Share before unusual items (Riyals) (0.10) 0.01 110.0 %
EPS (Riyals) (0.10) 0.01 110.0 %

The company also cited the segments restructure, which boosted its operating performance, in addition to the implementation of a number of initiatives to cut operating costs as well as selling and marketing expenses.

 

On a sequential basis, the company swung to profit in Q1 2020, versus net losses of SAR 374,735.

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