JAZADCO loses SAR 2.1M in H1 2026, SAR 7.3M in Q2

Jazan Development and Investment Co. (JAZADCO) reported a loss of SAR 2.1 million in H1 2026, compared with a profit of SAR 26.4 million in the same period of 2025.

The company said the shift was due to the recognition of a fair value loss on biological assets of SAR 0.39 million, compared with a profit of SAR 23.82 million in H1 2025.

This was in addition to the recognition of an unrealized loss of SAR 2.54 million on the decline in biomass, included in cost of revenue. In both cases, this was due to lower survival rates and productivity in some shrimp ponds.

The company also noted the non-recurrence of the SAR 8.77 million reversal of Zakat provision and the SAR 1.25 million profit from discontinued operations, both of which were recognized in the corresponding period last year.

It also recognized SAR 2.86 million in expected credit loss provisions. However, these impacts were partially offset by a 9% increase in sales and lower Zakat expense.

Revenue increased due to an 8% rise in shrimp sales to SAR 64.59 million from SAR 59.89 million, and a 30% increase in agricultural product (fruit) sales to SAR 8.15 million from SAR 6.27 million. This was partially offset by a 4% decline in rental income from investment properties to SAR 5.42 million from SAR 5.63 million.

In Q2 2026, the company reported a loss of SAR 7.3 million, against earnings of SAR 16.72 million a year before and SAR 5.13 million in Q1 2026.

The second-quarter losses were due to a 14% decline in sales, driven by a 17% decrease in shrimp sales to SAR 29.55 million from SAR 35.81 million. This was in addition to a 12% decline in rental income from investment properties to SAR 2.67 million from SAR 3.05 million. This was partially offset by a 12% increase in agricultural product (fruit) sales to SAR 6.02 million from SAR 5.38 million.

Shareholders’ equity, after minority interests, stood at SAR 308.86 million as of June 30, 2026, down from SAR 336.82 million a year earlier.

Accumulated losses stood at SAR 132.61 million at the end of the period, representing 26.52% of share capital.

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