Jazan Energy and Development Co. (JAZADCO) reported an over twofold rise in H1 2022 net profit after Zakat and tax to SAR 28.3 million, from SAR 9.9 million a year earlier.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 43.00 | 44.16 | 2.7 % |
| Gross Income | 21.72 | 12.22 | (43.7 %) |
| Operating Income | 9.38 | (4.04) | (143.1 %) |
| Net Income | 9.87 | 28.33 | 187.0 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 0.20 | 0.57 | 187.0 % |
The strong performance was spurred by a 3% year-on-year (YoY) increase in the value of sales, due to better sales of the commercial segments and real estate investments, as well as fruit sales.
The company also recognized a profit of SAR 31 million from the sale of a fixed asset, Khabat Al Falaq land plot in Jazan, despite a decrease in total profit by 44%.
On the other hand, vital assets were not evaluated as of June 30, 2022, due to the shrimp farming cycle because the feed did not arrive on time in light of the repercussions of the Russian-Ukrainian war that affected global supply chains.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 19.82 | 17.85 | (10.0 %) |
| Gross Income | 15.22 | 3.63 | (76.2 %) |
| Operating Income | 7.57 | (6.62) | (187.4 %) |
| Net Income | 7.84 | 24.65 | 214.3 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 0.16 | 0.49 | 214.3 % |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 26.31 | 17.85 | (32.2 %) |
| Gross Income | 8.60 | 3.63 | (57.8 %) |
| Operating Income | 2.62 | (6.62) | (352.7 %) |
| Net Income | 3.56 | 24.65 | 591.6 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 0.07 | 0.49 | 591.6 % |
JAZADCO recognized a profit of SAR 31 million from the sale of Khabat Al Falaq land plot in Jazan.
On the other hand, sales dropped 10% YoY on a decrease of 29% in shrimp sales, due to the slowdown in the export of shrimp products due to the Russian-Ukrainian crisis, which led total profit to fall by 76%.
On a quarterly basis, net income skyrocketed 591.6% from SAR 3.56 million.
Shareholder’s equity, after minority interest, stood at SAR 572.576 million at the end of H1 2022, up from SAR 534.250 million a year earlier.
Accumulated losses reached SAR 15.734 million as of June 30, 2022, representing 3% of the company’s capital.
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