Jazan Energy and Development Co. (JAZADCO) reported a net profit after Zakat and tax of SAR 9.9 million in H1 2021, a sharp rise from SAR 1.2 million in the year-earlier period.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Revenues | 41.68 | 43.00 | 3.2 % |
| Gross Income | 15.08 | 21.72 | 44.0 % |
| Operating Income | 2.54 | 9.38 | 268.8 % |
| Net Income | 1.19 | 9.87 | 733.1 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 0.02 | 0.20 | 733.1 % |
The profit-rise came as sales increased 3.17% year-on-year (YoY), and performance efficiency improved, driven by the restructuring of the company's segments.
| Item | Q2 2020 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 19.09 | 19.82 | 3.8 % |
| Gross Income | 9.13 | 15.22 | 66.7 % |
| Operating Income | 1.19 | 7.57 | 538.1 % |
| Net Income | 0.66 | 7.84 | 1086.4 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 0.01 | 0.16 | 1086.4 % |
| Item | Q1 2021 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 23.18 | 19.82 | (14.5 %) |
| Gross Income | 6.50 | 15.22 | 134.1 % |
| Operating Income | 1.80 | 7.57 | 320.5 % |
| Net Income | 2.03 | 7.84 | 286.1 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 0.04 | 0.16 | 286.1 % |
The second-quarter net profit after Zakat and tax soared to SAR 7.9 million, from SAR 661,062 million in Q2 2020, boosted by higher sales and an increase in revenues from real estate operations.
The increase in profit was also led by higher gain on revaluation of vital assets, lower cost of revenue, and improved performance of associates and subsidiaries.
On a sequential basis, Q2 net profit surged 275.8% from SAR 2.08 million.
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