Jazan Energy and Development Co. (JAZADCO) reported a 76% rise in Q1 2022 net profit after Zakat and tax to SAR 3.6 million, from SAR 2 million a year earlier.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 23.18 | 26.31 | 13.5 % |
| Gross Income | 6.50 | 8.60 | 32.3 % |
| Operating Income | 1.80 | 2.62 | 45.4 % |
| Net Income | 2.03 | 3.56 | 75.5 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 0.04 | 0.07 | 75.5 % |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 36.36 | 26.31 | (27.6 %) |
| Gross Income | 10.34 | 8.60 | (16.8 %) |
| Operating Income | 0.51 | 2.62 | 412.5 % |
| Net Income | (0.09) | 3.56 | 4104.5 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 0.00 | 0.07 | 4104.5 % |
The profit rise was driven by higher sales from the agricultural and aquaculture segments, as well as higher revenue from the real estate segment due to a rise in the occupancy rate.
The net profit in Q1 2022 more than doubled from SAR 1.53 million in Q4 2021.
Shareholder’s equity, after minority interest, stood at SAR 547.81 million at the end of Q1 2022, up from SAR 526.16 million a year earlier.
Accumulated losses reached SAR 40.60 million as of March 31, 2022, or 8% of capital.
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