JAZADCO posts net profit of SAR 18.7 mln for 9M 2023, SAR 5.5 mln for Q3

08/11/2023 Argaam Exclusive

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Jazan Energy and Development Co. (JAZADCO) reported a net profit of SAR 18.7 million in the first nine months of 2023, a 31.6% decline compared to SAR 27.3 million in the year-ago period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	57.40	61.61	7.3 %
Gross Income	17.49	24.37	39.3 %
Operating Income	(4.87)	8.83	281.2 %
Net Income	27.25	18.65	(31.6 %)
Average Shares	50.00	50.00	-
EPS (Riyals)	0.54	0.37	(31.6 %)

The company turned year-on-year (YoY) from loss to profit in Q3 2023, driven by an increase in shrimp sales in the local market, which in turn achieved a 31% leap in revenues, 21% total profit, and 1256% operating profit.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	13.24	13.01	(1.8 %)
Gross Income	5.27	6.07	15.3 %
Operating Income	(0.83)	3.03	465.3 %
Net Income	(1.08)	5.47	605.6 %
Average Shares	50.00	50.00	-
EPS (Riyals)	(0.02)	0.11	605.6 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	27.45	13.01	(52.6 %)
Gross Income	10.34	6.07	(41.2 %)
Operating Income	2.71	3.03	11.7 %
Net Income	11.40	5.47	(52.1 %)
Average Shares	50.00	50.00	-
EPS (Riyals)	0.23	0.11	(52.1 %)

On the other hand, the company reported lower profit quarter-on-quarter (QoQ), whereas Q2 2023 witnessed earnings generated from the company’s stake in its subsidiary, Rakhaa Agricultural Investment Co.

Shareholders’ equity, excluding minority interest, amounted to SAR 564.392.

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