Financial Results : JAZADCO’s net profit hits SAR 9.7M in Q1 2025

JAZADCO’s net profit hits SAR 9.7M in Q1 2025

13/05/2025 Argaam Exclusive

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Jazan Development and Investment Co. (JAZADCO) reported a net profit of SAR 9.7 million in Q1 2025, against a net loss of 107.9 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2024 Q1 2025 Change‬
Revenues 11.42 27.55 141.3 %
Gross Income (1.37) 8.79 742.5 %
Operating Income (7.00) 3.43 148.9 %
Net Income (107.88) 9.66 109.0 %
Average Shares 50.00 50.00 -
Earnings Per Share before unusual items (Riyal) (0.18) 0.03 117.8 %
EPS (Riyal) (2.16) 0.19 109.0 %

The shift to profitability was attributable to a 301% year-on-year (YoY) surge in revenue, driven by robust shrimp sales, which triplicated from SAR 8 million in Q1 2024 to SAR 24.1 million in Q1 2025.

 

In addition to fair value gains amounting to SAR 6.8 million, resulting from the revaluation of biological assets in accordance with IFRS 41, compared to a loss of SAR 32.1 million in the same quarter last year. This turnaround is attributed to increased production volumes.

 

Moreover, sales-of-assets gains amounted to SAR 1.25 million.

 

In the year-earlier period, the company recorded an adjusted loss of SAR 66.9 million related to a guarantee obligation for a loan default by Al Reef Sugar Refining Co.’s (RESRECO), issued by the Saudi Industrial Development Fund.

 

On a quarterly basis, the company turned to profitability compared to a loss of SAR 7.19 million in Q4 2024.

 

Shareholders’ equity, excluding minority interest, amounted to SAR 319.25 million as of Q1 2025, down from SAR 395.19 million a year ago.

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