Jazadco turns profitable in Q1-20

Registering profits was attributed to a 35.6% increase in sales

  
Riyadh – Mubasher: Jazan Energy and Development Company (Jazadco) reported a net profit of SAR 523,609 during the first quarter (Q1) of 2020, against a loss of SAR 5.23 million in the same period last year.

Registering profits was attributed to a 35.6% increase in sales to SAR 22.59 million, alongside the recent restructuring of the industry’s companies, according to a disclosure by Jazadco on Wednesday.

In addition, the company applied a number of initiatives for cost reduction and rationalizing sales and marketing costs, which had a positive impact on the company’s profitability.

Source: Mubasher

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