Riyadh – Mubasher: Jazan Energy and Development Company (Jazadco) posted a net profit after Zakat and tax worth SAR 27.24 million in the first nine months (9M) of 2022, higher by 123.03% than SAR 12.21 million in 9M-21.
Revenues declined by 7.65% year-on-year (YoY) to SAR 57.39 million in the January-September 2022 period, compared to SAR 62.15 million, according to the interim financial results.
The earnings per share (EPS) increased to SAR 0.54 in 9M-22 from SAR 0.24 in 9M-21.
Jazadco suffered accumulated losses worth SAR 18.43 million as of 30 September 2022, accounting for 4% of the SAR 500 million capital.
During the third quarter (Q3) of 2022, the Saudi company turned to net losses after Zakat and tax worth SAR 1.08 million, against net profits of SAR 2.34 million in Q3-21.
The revenues stood at SAR 13.23 million in Q3-22, an annual plunge of 30.88% from SAR 19.15 million.
On a quarterly basis, the Tadawul-listed firm also shifted to net losses in Q3-22, compared to net profits after Zakat and tax worth SAR 24.64 million in Q2-22.
Meanwhile, the Q3-22 revenues plummeted by 25.80% from SAR 17.84 million in Q2-22.
In the first half (H1) of 2022, the net profits after Zakat and tax of Jazadco amounted to SAR 28.33 million, up 186.97% from SAR 9.87 million in H1-21.
