JAZADCO turns to profit of SAR 9.6 mln in 9M 2020

08/11/2020 Argaam Exclusive

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Jazan Energy and Development Co. (JAZADCO) turned to a net profit after Zakat and tax of SAR 9.6 million for the first nine months of 2020, compared to a loss of SAR 8.3 million in the same period a year earlier, on higher sales, improved profit margins and lower expenses as well as procedures taken to restructure the company’s segments.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	49.05	60.33	23.0 %
Gross Income	8.55	27.02	215.9 %
Operating Income	(7.09)	10.14	243.0 %
Net Income	(8.32)	9.63	215.7 %
Average Shares	50.00	50.00	-
EPS (Riyals)	(0.17)	0.19	215.7 %

The company turned to a profit of SAR 8.4 million in Q3 2020 from a loss of SAR 1.3 million in the same quarter last year.

On sequential basis, net profit for Q3 2020 rose dramatically compared to Q2 2020 net profit of SAR 661,062 on lower general & administrative expense and a variance in the evaluation of the shrimp livestock inventory.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	19.10	18.65	(2.4 %)
Gross Income	3.82	11.94	212.7 %
Operating Income	(0.46)	7.96	1826.2 %
Net Income	(1.32)	8.45	742.4 %
Average Shares	50.00	50.00	-
EPS (Riyals)	(0.03)	0.17	742.4 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	19.09	18.65	(2.3 %)
Gross Income	9.13	11.94	30.8 %
Operating Income	1.19	7.96	570.4 %
Net Income	0.66	8.45	1177.9 %
Average Shares	50.00	50.00	-
EPS (Riyals)	0.01	0.17	1177.9 %

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