Jazadco turns to profitability in Q3-20

The company's revenues declined by 2.37%


Riyadh – Mubasher: The interim financial results of Jazan Energy and Development Company (Jazadco) showed net profits after Zakat and tax of SAR 8.45 million during the third quarter (Q3) of 2020, against net losses of SAR 1.31 million in the same quarter of 2019.

The company has achieved net profits because of lower operational, selling, and marketing costs and higher profits in the associates, according to the company's disclosure to the Saudi Stock Exchange (Tadawul) on Sunday.

Meanwhile, the company's revenues declined by 2.37% to SAR 18.65 million in Q3-20 from SAR 19.1 million in the year-ago period.

In the first nine months of 2020, the company's net profits amounted to SAR 9.63 million, versus SAR 8.32 million net losses in the corresponding period of 2019.

The earnings per share (EPS) settled at SAR 0.19 in the January-September period of 2020, against a loss per share of SAR 0.17 in the same period of the earlier year.

Moreover, the company has incurred accumulated losses of SAR 51.05 million, representing 10.2% of the capital.

It is noteworthy to mention that during the second quarter (Q2) of 2020, Jazadco turned profitable with SAR 661,062 in net profits, versus SAR 1.77 million in net losses during the same period in 2019.

Source: Mubasher

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