Jazan Energy and Development Co. (JAZADCO) reported net profit after Zakat and tax of SAR 2.1 million in Q1 2021, rising more than threefold from SAR 524,000 in year-earlier period.
The company attributed the profit rise to higher sales by 2.6%, on the back of increase in agriculture and aquaculture sales.
Revenues from real estate operation rose by 4.5% due to an increase in the occupancy rate. Sales of the industrial sector (water factory) declined by 19% as a result of the COVID-19 pandemic.
| Item | Q1 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 22.59 | 23.18 | 2.6 % |
| Gross Income | 5.95 | 6.50 | 9.2 % |
| Operating Income | 1.26 | 1.80 | 43.5 % |
| Net Income | 0.52 | 2.03 | 287.6 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 0.01 | 0.04 | 287.6 % |
| Item | Q4 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 24.75 | 23.18 | (6.3 %) |
| Gross Income | 3.76 | 6.50 | 72.7 % |
| Operating Income | (1.69) | 1.80 | 206.4 % |
| Net Income | 1.15 | 2.03 | 76.3 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 0.02 | 0.04 | 76.3 % |
On a sequential basis, Q1 2021 net profit surged 81.3% due to lower selling and marketing expenses, general and administrative expenses, and doubtful debt allowance.
Accumulated losses at the end of Q1 2021 amounted to SAR 56.253 million, representing 11.25% of the capital.
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}