Jazan Energy and Development Co. (JAZADCO) turned to a net profit after Zakat and tax of SAR 9.6 million for the first nine months of 2020, compared to a loss of SAR 8.3 million in the same period a year earlier, on higher sales, improved profit margins and lower expenses as well as procedures taken to restructure the company’s segments.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 49.05 | 60.33 | 23.0 % |
| Gross Income | 8.55 | 27.02 | 215.9 % |
| Operating Income | (7.09) | 10.14 | 243.0 % |
| Net Income | (8.32) | 9.63 | 215.7 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | (0.17) | 0.19 | 215.7 % |
The company turned to a profit of SAR 8.4 million in Q3 2020 from a loss of SAR 1.3 million in the same quarter last year.
On sequential basis, net profit for Q3 2020 rose dramatically compared to Q2 2020 net profit of SAR 661,062 on lower general & administrative expense and a variance in the evaluation of the shrimp livestock inventory.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 19.10 | 18.65 | (2.4 %) |
| Gross Income | 3.82 | 11.94 | 212.7 % |
| Operating Income | (0.46) | 7.96 | 1826.2 % |
| Net Income | (1.32) | 8.45 | 742.4 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | (0.03) | 0.17 | 742.4 % |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 19.09 | 18.65 | (2.3 %) |
| Gross Income | 9.13 | 11.94 | 30.8 % |
| Operating Income | 1.19 | 7.96 | 570.4 % |
| Net Income | 0.66 | 8.45 | 1177.9 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 0.01 | 0.17 | 1177.9 % |
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