JAZADCO turns to SAR 1.2 mln profit in H1 2020

24/08/2020 Argaam Exclusive

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Jazan Energy and Development Co. (JAZADCO) reported net profit after Zakat and tax of SAR 1.2 million in H1 2020, versus net losses of SAR 7 million in year-earlier period, driven by a 39.18% increase in sales revenue.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	29.94	41.68	39.2 %
Gross Income	4.74	15.08	218.4 %
Operating Income	(6.63)	2.54	138.3 %
Net Income	(7.01)	1.19	116.9 %
Average Shares	50.00	50.00	-
EPS (Riyals)	(0.14)	0.02	116.9 %

The company also cited the restructuring of segments, 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.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	13.28	19.09	43.7 %
Gross Income	5.82	9.13	56.9 %
Operating Income	(1.65)	1.19	171.9 %
Net Income	(1.77)	0.66	137.3 %
Average Shares	50.00	50.00	-
EPS (Riyals)	(0.04)	0.01	137.3 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	22.59	19.09	(15.5 %)
Gross Income	5.95	9.13	53.3 %
Operating Income	1.26	1.19	(5.4 %)
Net Income	0.52	0.66	26.1 %
Average Shares	50.00	50.00	-
EPS (Riyals)	0.01	0.01	26.1 %

The company turned to a net profit after Zakat and tax of SAR 661,000 in Q2 2020 compared to a net loss of SAR 1.7 million in year-earlier period due to 43.68% sales growth.

On a sequential basis, the company reported profits, backed by a 43.7% increase in sales revenue.

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