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.
| 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.
| 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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