JAZADCO 2021 profit up 23% to SAR 13.3 mln; Q4 at SAR 1.1 mln

17/03/2022 Argaam Exclusive

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Jazan Energy and Development Co. (JAZADCO) reported a 23% rise in the 2021 net profit after Zakat and tax to SAR 13.3 million, from SAR 10.8 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	85.07	98.51	15.8 %
Gross Income	30.79	40.94	33.0 %
Operating Income	8.45	11.81	39.7 %
Net Income	10.78	12.13	12.5 %
Average Shares	50.00	50.00	-
EPS (Riyals)	0.22	0.24	12.5 %

The profit rise was driven by production efficiency to reduce and control costs. The company also penetrated new international markets for aquaculture products, and improved the aquaculture practice and shrimp production. JAZADCO also raised production capacity by 13% compared to last year. The company adopted new methods for sales and marketing.

The company’s Q4 2021 net profit after Zakat and tax dropped 9% year-on-year (YoY) to SAR 1.1 million.

On a sequential basis, Q4 2021 net profit fell by 54.6% from SAR 2.35 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	24.75	36.36	46.9 %
Gross Income	3.76	10.34	174.6 %
Operating Income	(1.69)	0.51	130.2 %
Net Income	1.15	(0.09)	(107.7 %)
Average Shares	50.00	50.00	-
EPS (Riyals)	0.02	0.00	(107.7 %)

Item	Q3 2021	Q4 2021	Change‬
Revenues	19.16	36.36	89.8 %
Gross Income	8.89	10.34	16.3 %
Operating Income	1.92	0.51	(73.4 %)
Net Income	2.35	(0.09)	(103.8 %)
Average Shares	50.00	50.00	-
EPS (Riyals)	0.05	0.00	(103.8 %)

Shareholder’s equity, after minority interest, stood at SAR 544.205 million in 2021, up from SAR 523.972 million in 2020.

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