Jazan Energy and Development Co. (JAZADCO) turned to a net profit after Zakat and tax of SAR 10.8 million in 2020, from a net loss of SAR 12.9 million in 2019.
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Revenues | 71.88 | 85.07 | 18.3 % |
| Gross Income | 15.74 | 30.79 | 95.5 % |
| Operating Income | (10.54) | 8.45 | 180.2 % |
| Net Income | (12.90) | 10.78 | 183.6 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | (0.26) | 0.22 | 183.6 % |
The company attributed the profit to higher shrimp and mango sales, increase in real estate revenue, lower operating expenses and general & administrative expenses, and gains from subsidiary Mango Jazan Co.
The company also witnessed a significant improvement in efficiency and production of shrimp, which resulted in a growth of 41% in production.
In Q4 2020, JAZADCO swung to a net profit after Zakat and tax of SAR 1.2 million compared to SAR 4.5 million in the same period a year ago.
| Item | Q4 2019 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 22.84 | 24.75 | 8.4 % |
| Gross Income | 7.19 | 3.76 | (47.6 %) |
| Operating Income | (3.45) | (1.69) | 51.0 % |
| Net Income | (4.58) | 1.15 | 125.1 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | (0.09) | 0.02 | 125.1 % |
| Item | Q3 2020 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 18.65 | 24.75 | 32.7 % |
| Gross Income | 11.94 | 3.76 | (68.5 %) |
| Operating Income | 7.96 | (1.69) | (121.3 %) |
| Net Income | 8.45 | 1.15 | (86.4 %) |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 0.17 | 0.02 | (86.4 %) |
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