JAZADCO net profit rises 27% to SAR 12.2 mln in 9M 2021

01/11/2021 Argaam Exclusive

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Jazan Energy and Development Co. (JAZADCO) reported a net profit after Zakat and tax of SAR 12.2 million in 9M 2021, an increase of 27% from SAR 9.6 million in the year-earlier period.

The profit growth was attributed to higher sales, and gains from revaluation of vital assets, which comes as part of the company’s plan to increase its productivity in the shrimp farm. The company also cited a reduction in the cost of revenue and improved performance of its associates and subsidiaries.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	60.33	62.15	3.0 %
Gross Income	27.02	30.60	13.3 %
Operating Income	10.14	11.30	11.4 %
Net Income	9.63	12.22	26.9 %
Average Shares	50.00	50.00	-
EPS (Riyals)	0.19	0.24	26.9 %

The net profit after Zakat and tax slumped 73% year-on-year (YoY) to SAR 2.3 million in Q3 2021 on higher costs due to the company's expansion in the production of the shrimp. On the other hand, sales revenue grew on a YoY basis.

On a sequential basis, Q3 net profit fell 71.2% from SAR 7.8 million on a rise in the cost of sales.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	18.65	19.16	2.7 %
Gross Income	11.94	8.89	(25.5 %)
Operating Income	7.96	1.92	(75.9 %)
Net Income	8.45	2.35	(72.2 %)
Average Shares	50.00	50.00	-
EPS (Riyals)	0.17	0.05	(72.2 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	19.82	19.16	(3.4 %)
Gross Income	15.22	8.89	(41.6 %)
Operating Income	7.57	1.92	(74.7 %)
Net Income	7.84	2.35	(70.1 %)
Average Shares	50.00	50.00	-
EPS (Riyals)	0.16	0.05	(70.1 %)

Shareholders’ equity, after minority interest, increased to SAR 536.37 million as of Sept. 30, 2021, from SAR 523.97 million a year earlier.

Accumulated losses at the end of the current period amounted to SAR 46.03 million, or 9.2% of the company’s capital.

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