Financial Results : JAZADCO Q1 2023 profit plummets 50% to SAR 1.8 mln

JAZADCO Q1 2023 profit plummets 50% to SAR 1.8 mln

21/05/2023 Argaam Exclusive

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Jazan Energy and Development Co. (JAZADCO) reported a net profit of SAR 1.8 million for Q1 2023, a decline of 50% from SAR 3.6 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 26.31 27.48 4.4 %
Gross Income 8.60 9.82 14.2 %
Operating Income 2.62 3.02 15.1 %
Net Income 3.56 1.78 (50.0 %)
Average Shares 50.00 50.00 -
EPS (Riyals) 0.07 0.04 (50.0 %)

The fall in profit was driven by a higher cost of raw materials and losses from associates, despite an increase of 4% year-on-year (YoY) in revenue and 3% YoY growth in gross profit.

 

On a quarterly basis, JAZADCO turned to profit versus a net loss of SAR 9.91 million in Q4 2022.

 

Shareholders’ equity, excluding minority interest, stood at SAR 547.53 million as of March 31, 2023, compared to SAR 547.81 million a year earlier.

 

Accumulated loss reached SAR 27.94 million as of March 31, 2023, accounting for 6% of the capital.

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