Financial Results : JAZADCO incurs SAR 53.4M loss in H1 2024, SAR 12.5M in Q2

JAZADCO incurs SAR 53.4M loss in H1 2024, SAR 12.5M in Q2

11/08/2024 Argaam Exclusive

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Jazan Energy and Development Co. (JAZADCO) reported a net loss of SAR 53.4 million for the first half of 2024, against a net profit of SAR 13.2 million in the year-earlier period.


Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 54.93 46.31 (15.7 %)
Gross Income 20.16 (5.02) (124.9 %)
Operating Income 5.73 (20.55) (458.8 %)
Net Income 13.18 (53.43) (505.3 %)
Average Shares 50.00 50.00 -
EPS (Riyals) 0.26 (1.07) (505.3 %)

This was attributed to the revaluation losses of the existing shrimp crop at SAR 32.07 million. In addition, the company posted deferred costs of SAR 8.63 million in the second quarter, which were not offset by production due to a decrease in shrimp biomass. Upon the end of the harvesting season on June 3, 2024, these costs were expensed to the profit and loss

 

Furthermore, the company's share of profit from associates decreased from SAR 8.80 million to SAR 1.10 million.

 

Sales dropped by 16% year-on-year (YoY) due to geopolitical and economic conditions in the export markets, namely Russia and Egypt.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 27.45 29.21 6.4 %
Gross Income 10.34 (2.98) (128.8 %)
Operating Income 2.71 (9.69) (457.3 %)
Net Income 11.40 (12.49) (209.6 %)
Average Shares 50.00 50.00 -
EPS (Riyals) 0.23 (0.25) (209.6 %)

The company turned to a loss of SAR 12.5 million in Q2 2024 from earnings of SAR 11.40 million a year earlier, mainly due to operational difficulties at the shrimp farm, resulting in lower biomass production.

 

Additionally, the company's share of profit from associates was significantly lower this year, at SAR 963,381, compared to SAR 9.44 million a year before.

 

Meanwhile, JAZADCO narrowed its loss in Q2 2024 from SAR 40.94 million in the previous quarter.

 

Shareholders’ equity, after minority interest, fell to SAR 449.6 million as of June 30, 2024, from SAR 558.9 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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