Jazan Energy and Development Co. (JAZADCO) reported a net profit of SAR 1.8 million for Q1 2023, a decline of 50% from SAR 3.6 million in the year-earlier period.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 26.31 | 27.48 | 4.4 % |
| Gross Income | 8.60 | 8.87 | 3.1 % |
| Operating Income | 2.62 | 2.06 | (21.2 %) |
| Net Income | 3.56 | 1.78 | (50.0 %) |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 0.07 | 0.04 | (50.0 %) |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 20.50 | 27.48 | 34.1 % |
| Gross Income | (1.70) | 8.87 | 621.5 % |
| Operating Income | (17.46) | 2.06 | 111.8 % |
| Net Income | (16.54) | 1.78 | 110.8 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | (0.33) | 0.04 | 110.8 % |
The fall in profit was driven by a higher cost of raw materials and losses from associates, despite an increase of 4% year-on-year (YoY) in revenue and 3% YoY growth in gross profit.
On a quarterly basis, JAZADCO turned to profit versus a net loss of SAR 9.91 million in Q4 2022.
Shareholders’ equity, excluding minority interest, stood at SAR 547.53 million as of March 31, 2023, compared to SAR 547.81 million a year earlier.
Accumulated loss reached SAR 27.94 million as of March 31, 2023, accounting for 6% of the capital.
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