‎“JAZADCO” profits up to SR17.3 mln during 2022, by 43%‎

Jazan Energy and Development Company SJSC revealed an increase in net profit after zakat and tax during the year ending on December 31, 2022 to 17.3 million riyals, compared to 12.1 million riyals in the previous year, at a rate of 42.9%. This came after today’s announcement of the annual financial results ending in 2022- 12-31.

The operational loss amounted to 15.7 million riyals during the year ending on December 31, 2022, compared to a profit of 11.8 million riyals in the previous year.

The total shareholders’ equity “without minority rights” amounted to 546.4 million riyals in the current year, compared to 542.5 million riyals in the previous year, an increase of 0.7%.

Earnings per share in the current year reached 0.33 riyals, compared to 0.23 riyals in the previous year.

– The reason for the increase in net profit during this year compared to the previous year is due to the profits resulting from the sale of a fixed asset (land in the Khabat Al-Falaq region in Jazan) with profits of 31 million Saudi riyals.

The reason for the decrease in revenues by 21% and the gross profit by 61% is due to the decrease in shrimp sales due to the global crisis, which affected the movement of exports and imports of shrimp and raw materials, the most important of which is the Russian-Ukrainian crisis, as well as the introduction of new export procedures by the Arab Republic of Egypt, which led to Significantly reduced exports

The decrease in sales led to an increase in the cost and selling and marketing expenses compared to the previous fiscal year. Because of the aforementioned, the net profit for this year increased by 43% compared to the previous year.