Jazan Energy and Development Co. (JAZADCO) reported net profit after Zakat and tax of SAR 524,000 in Q1 2020, versus net losses of SAR 5.2 million in year-earlier period, driven by a 36% increase in sales revenue.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 16.66 | 22.59 | 35.6 % |
| Gross Income | (1.08) | 5.95 | 651.2 % |
| Operating Income | (4.98) | 1.26 | 125.2 % |
| Net Income | (5.23) | 0.52 | 110.0 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | (0.10) | 0.01 | 110.0 % |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 22.84 | 22.59 | (1.1 %) |
| Gross Income | 7.19 | 5.95 | (17.2 %) |
| Operating Income | (3.45) | 1.26 | 136.4 % |
| Net Income | (4.58) | 0.52 | 111.4 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | (0.09) | 0.01 | 111.4 % |
The company also cited the segments restructure, which boosted its operating performance, in addition to the implementation of a number of initiatives to cut operating costs as well as selling and marketing expenses.
On a sequential basis, the company swung to profit in Q1 2020, versus net losses of SAR 374,735.
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