Financial Results : JAZADCO Q1 2021 net profit surges to SAR 2.1 mln

JAZADCO Q1 2021 net profit surges to SAR 2.1 mln

20/05/2021 Argaam Exclusive

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Jazan Energy and Development Co. (JAZADCO) reported net profit after Zakat and tax of SAR 2.1 million in Q1 2021, rising more than threefold from SAR 524,000 in year-earlier period.

 

The company attributed the profit rise to higher sales by 2.6%, on the back of increase in agriculture and aquaculture sales.

 

Revenues from real estate operation rose by 4.5% due to an increase in the occupancy rate. Sales of the industrial sector (water factory) declined by 19% as a result of the COVID-19 pandemic.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 22.59 23.18 2.6 %
Gross Income 5.95 6.50 9.2 %
Operating Income 1.26 1.80 43.5 %
Net Income 0.52 2.03 287.6 %
Average Shares 50.00 50.00 -
EPS (Riyals) 0.01 0.04 287.6 %

On a sequential basis, Q1 2021 net profit surged 81.3% due to lower selling and marketing expenses, general and administrative expenses, and doubtful debt allowance.

 

Accumulated losses at the end of Q1 2021 amounted to SAR 56.253 million, representing 11.25% of the capital.

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