JAZADCO posts 43% profit leap to SAR 17.3 mln in 2022, widens Q4 loss to SAR 9.9 mln

29/03/2023 Argaam Exclusive

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Jazan Energy and Development Co. (JAZADCO) reported a 43% leap in 2022 net profit to SAR 17.3 million, compared to SAR 12.1 million in 2021, thanks to the SAR 31 million gains realized from the sale of a land plot in the Khabt Al-Falaq, Jazan.

Financials (M)

Item	2021	2022	Change‬
Revenues	98.51	77.89	(20.9 %)
Gross Income	40.94	15.79	(61.4 %)
Operating Income	11.81	(22.33)	(289.2 %)
Net Income	12.13	10.71	(11.7 %)
Average Shares	50.00	50.00	-
EPS (Riyals)	0.24	0.21	(11.7 %)

On the other hand, revenues and gross profit fell by 21% and 61% year-on-year (YoY), respectively, due to lower shrimp sales amid the Russian-Ukrainian crisis, as well as the introduction of new export measures in Egypt, which led to a significant decrease in exports.

JAZADCO reported higher costs, as well as selling and marketing expenses due to the decline in sales.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	36.36	20.50	(43.6 %)
Gross Income	10.34	(1.70)	(116.4 %)
Operating Income	0.51	(17.46)	(3517.2 %)
Net Income	(0.09)	(16.54)	(18,481.7 %)
Average Shares	50.00	50.00	-
EPS (Riyals)	0.00	(0.33)	(18,481.7 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	13.24	20.50	54.8 %
Gross Income	5.27	(1.70)	(132.3 %)
Operating Income	(0.83)	(17.46)	(2,006.4 %)
Net Income	(1.08)	(16.54)	(1,429.9 %)
Average Shares	50.00	50.00	-
EPS (Riyals)	(0.02)	(0.33)	(1,429.9 %)

In Q4 2022, net losses widened to SAR 9.9 million, from SAR 0.09 million in the prior-year period.

JAZADCO sustained a net loss of SAR 1 million in Q3 2022.

Total shareholders’ equity, after minority interest, rose to SAR 546.41 million as of Dec. 31, 2022, from SAR 542.58 million a year earlier.

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