JAZADCO’s H1 2021 net profit soars to SAR 9.9 mln

11/08/2021 Argaam Exclusive

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Jazan Energy and Development Co. (JAZADCO) reported a net profit after Zakat and tax of SAR 9.9 million in H1 2021, a sharp rise from SAR 1.2 million in the year-earlier period.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	41.68	43.00	3.2 %
Gross Income	15.08	21.72	44.0 %
Operating Income	2.54	9.38	268.8 %
Net Income	1.19	9.87	733.1 %
Average Shares	50.00	50.00	-
EPS (Riyals)	0.02	0.20	733.1 %

The profit-rise came as sales increased 3.17% year-on-year (YoY), and performance efficiency improved, driven by the restructuring of the company's segments.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	19.09	19.82	3.8 %
Gross Income	9.13	15.22	66.7 %
Operating Income	1.19	7.57	538.1 %
Net Income	0.66	7.84	1086.4 %
Average Shares	50.00	50.00	-
EPS (Riyals)	0.01	0.16	1086.4 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	23.18	19.82	(14.5 %)
Gross Income	6.50	15.22	134.1 %
Operating Income	1.80	7.57	320.5 %
Net Income	2.03	7.84	286.1 %
Average Shares	50.00	50.00	-
EPS (Riyals)	0.04	0.16	286.1 %

The second-quarter net profit after Zakat and tax soared to SAR 7.9 million, from SAR 661,062 million in Q2 2020, boosted by higher sales and an increase in revenues from real estate operations.

The increase in profit was also led by higher gain on revaluation of vital assets, lower cost of revenue, and improved performance of associates and subsidiaries.

On a sequential basis, Q2 net profit surged 275.8% from SAR 2.08 million.

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