Financial Results : JAZADCO swings to SAR 40.9M loss in Q1 2024

JAZADCO swings to SAR 40.9M loss in Q1 2024

19/05/2024 Argaam Exclusive

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Jazan Energy and Development Co. (JAZADCO) reported a net loss of SAR 40.9 million for Q1 2024, against net earnings of SAR 1.8 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 27.48 14.49 (47.3 %)
Gross Income 9.82 (1.50) (115.3 %)
Operating Income 3.02 (8.11) (369.0 %)
Net Income 1.78 (40.94) (2396.5 %)
Average Shares 50.00 50.00 -
EPS (Riyals) 0.04 (0.82) (2396.5 %)

The losses were due to lower sales resulting from a lack of export sales in Q1 2024 compared to the same period a year ago.

 

The company also cited shrimp yield losses and the creation of an impairment charge for the current value of shrimp inventory.

 

On a quarterly basis, JAZADCO widened Q1 2024 losses from SAR 16.89 million in Q4 2023.

 

Shareholders’ equity, excluding minority interest, stood at SAR 462.13 million as of March 31, 2024, compared to SAR 547.53 million a year earlier.

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