JAZADCO posts SAR 13.2 mln profit in H1 2023, SAR 11.4 mln in Q2

13/08/2023 Argaam Exclusive

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Jazan Energy and Development Co. (JAZADCO) reported a dip of 54% in H1 2023 net profit to SAR 13.2 million from SAR 28.3 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	44.16	54.93	24.4 %
Gross Income	12.22	20.16	64.9 %
Operating Income	(4.04)	5.73	241.6 %
Net Income	28.33	13.18	(53.5 %)
Average Shares	50.00	50.00	-
EPS (Riyals)	0.57	0.26	(53.5 %)

The company recorded a net profit of SAR 31 million from the sale of a land plot in Jazan in H1 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	17.85	27.45	53.8 %
Gross Income	3.63	10.34	185.0 %
Operating Income	(6.62)	2.71	141.0 %
Net Income	24.65	11.40	(53.8 %)
Average Shares	50.00	50.00	-
EPS (Riyals)	0.49	0.23	(53.8 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	27.48	27.45	(0.1 %)
Gross Income	9.82	10.34	5.3 %
Operating Income	3.02	2.71	(10.1 %)
Net Income	1.78	11.40	539.4 %
Average Shares	50.00	50.00	-
EPS (Riyals)	0.04	0.23	539.4 %

The second-quarter net profit dropped 54% to SAR 11.4 million from SAR 24.65 million in Q2 2022.

JAZADCO’s quarterly net earnings skyrocketed from SAR 1.78 million in Q1 2023, due to lower operating costs and the company’s focus on the local market to sell its shrimp products. It also generated profits from booking the company’s share in Rakhaa Co.

Shareholders’ equity, after minority interest, rose marginally to SAR 558.95 million as of June 30, 2023, from SAR 572.27 million a year earlier.

Accumulated losses stood at SAR 16.54 million by the end of the six-month period, representing 3% of the company’s capital.

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