Financial Results : JAZADCO Q1 2022 profit up 76% to SAR 3.6 mln

JAZADCO Q1 2022 profit up 76% to SAR 3.6 mln

23/05/2022 Argaam Exclusive

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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.



Current Quarter Comparison (M)

Compared With The
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 %

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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