Jazan Energy and Development Co. (JAZADCO) reported a 43% leap in 2022 net profit to SAR 17.3 million, compared to SAR 12.1 million in 2021, thanks to the SAR 31 million gains realized from the sale of a land plot in the Khabt Al-Falaq, Jazan.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 98.51 | 77.89 | (20.9 %) |
| Gross Income | 40.94 | 15.79 | (61.4 %) |
| Operating Income | 11.81 | (22.33) | (289.2 %) |
| Net Income | 12.13 | 10.71 | (11.7 %) |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 0.24 | 0.21 | (11.7 %) |
On the other hand, revenues and gross profit fell by 21% and 61% year-on-year (YoY), respectively, due to lower shrimp sales amid the Russian-Ukrainian crisis, as well as the introduction of new export measures in Egypt, which led to a significant decrease in exports.
JAZADCO reported higher costs, as well as selling and marketing expenses due to the decline in sales.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 36.36 | 20.50 | (43.6 %) |
| Gross Income | 10.34 | (1.70) | (116.4 %) |
| Operating Income | 0.51 | (17.46) | (3517.2 %) |
| Net Income | (0.09) | (16.54) | (18,481.7 %) |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 0.00 | (0.33) | (18,481.7 %) |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 13.24 | 20.50 | 54.8 % |
| Gross Income | 5.27 | (1.70) | (132.3 %) |
| Operating Income | (0.83) | (17.46) | (2,006.4 %) |
| Net Income | (1.08) | (16.54) | (1,429.9 %) |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | (0.02) | (0.33) | (1,429.9 %) |
In Q4 2022, net losses widened to SAR 9.9 million, from SAR 0.09 million in the prior-year period.
JAZADCO sustained a net loss of SAR 1 million in Q3 2022.
Total shareholders’ equity, after minority interest, rose to SAR 546.41 million as of Dec. 31, 2022, from SAR 542.58 million a year earlier.
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