Jazan Development and Investment Co. announces its Interim Financial results for the Period Ending on 2026-06-30 ( Six Months )
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 78,164,226 | 71,788,133 | 8.881 |
| Gross Profit (Loss) | 16,448,995 | 32,688,514 | -49.679 |
| Operational Profit (Loss) | 500,554 | 19,160,398 | -97.387 |
| Net Profit (Loss) Attributable to Shareholders of the Issuer | -2,127,698 | 26,374,866 | - |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | -872,412 | 27,185,249 | - |
| Total Shareholders Equity (after Deducting Minority Equity) | 308,857,480 | 336,815,299 | -8.3 |
| Profit (Loss) per Share | -0.04 | 0.53 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | -132,605,627 | -26.52 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | The 14% decrease in sales during the current quarter compared to the corresponding quarter of the previous year is mainly attributable to a 17% decrease in shrimp sales (SAR 29.55 million vs SAR 35.81 million), in addition to 12% lower rental income from investment properties (SAR 2.67 million vs SAR 3.05 million), partially offset by a 12% increase in agricultural (fruits) sales (SAR 6.02 million vs SAR 5.38 million). |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The net loss for the current quarter, compared to the net profit in the corresponding quarter of the previous year, is mainly attributable to a SAR 9.00 million fair valuation loss on biological assets, compared to a SAR 11.88 million gain in the corresponding quarter, reflecting lower survival and productivity rates in certain shrimp ponds. Profitability was also impacted by a 14% decrease in sales, in addition to the recognition of a non-recurring gain in the corresponding quarter of the previous year resulting from the reversal of a Zakat provision amounting to SAR 8.77 million. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The 4% decrease in sales during the current quarter compared to the previous quarter is mainly attributable to a 16% decrease in shrimp sales (SAR 29.55 million vs SAR 35.04 million), in addition to 3% lower rental income from investment properties (SAR 2.67 million vs SAR 2.75 million), partially offset by a 183% increase in agricultural (fruits) sales (SAR 6.02 million vs SAR 2.13 million). |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The net loss for the current quarter compared to the net profit of the previous quarter is mainly attributable to the change in the fair valuation of biological assets, from a gain of SAR 8.61 million in the previous quarter to a loss of SAR 9.00 million in the current quarter, driven by the decline in survival and productivity rates observed in certain shrimp ponds. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | The 9% increase in sales during the current period compared to the corresponding period of the previous year is mainly attributable to an 8% increase in shrimp sales (SAR 64.59 million vs SAR 59.89 million) and a 30% increase in agricultural (fruits) sales (SAR 8.15 million vs SAR 6.27 million), partially offset by 4% lower rental income from investment properties (SAR 5.42 million vs SAR 5.63 million). |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The net loss for the current period compared to the net profit of the corresponding period of the previous year is mainly attributable to:
(1) losses on the fair valuation of biological assets of SAR 0.39 million, versus gains of SAR 23.82 million in the corresponding period, in addition to an unrealized loss of SAR 2.54 million on the decline in biological biomass recognized within cost of revenues, both driven by the decline in survival and productivity rates observed in certain shrimp ponds; (2) the non-recurrence of the SAR 8.77 million reversal of zakat provision and the SAR 1.25 million gain from discontinued operations recorded in the corresponding period; and (3) expected credit loss provisions of SAR 2.86 million. These were partially offset by the 9% increase in sales and a lower zakat charge. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | Material Uncertainty Related to Going Concern
We draw attention to Note (3) to the accompanying interim condensed consolidated financial statements, which indicates that the Group’s accumulated losses as at 30 June 2026 amounted to SAR 132.6 million, representing 26.5% of its share capital. As of that date, the Group’s current liabilities exceeded its current assets by SAR 112.34 million, indicating the existence of material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern. The Group primarily relies on its ability to achieve its business plans to generate sufficient cash flows, enabling it to meet its obligations as they fall due without a significant reduction in its operations. Our conclusion has not been modified in this regard. |
| Reclassification of Comparison Items | Certain comparative figures for the three- and six-month periods ended 30 June 2025 have been reclassified to conform with the current period's presentation, relating to cost of revenues, the impairment loss on biological assets measured at cost, and (losses)/gains on the revaluation of biological assets at fair value (Note 19 of the interim condensed consolidated financial statements). These reclassifications had no impact on previously reported net profit, retained earnings, net assets, or cash flows. |
| Additional Information | Accumulated losses as of the end of the period ended June 30, 2026 amounted to SAR 132.6 million, representing 26.5% of the share capital. |