Riyadh – Mubasher: Jazan Energy and Development Company (Jazadco) posted net profits after Zakat and tax of SAR 18.64 million in the first nine months (9M) of 2023, a drop of 31.57% compared to SAR 27.24 million in the same period of 2022.
The company’s revenues climbed by 25.94% year-on-year (YoY) to SAR 72.28 million during the period from January to September 2023, versus SAR 57.39 million, according to the interim financial results.
The listed entity achieved earnings per share (EPS) of SAR 0.37 in 9M-23, compared to SAR 0.54 in 9M-22.
Accumulated Losses
The Saudi company reported accumulated losses worth SAR 11.07 million as of 30 September 2023, which accounted for 2% of the SAR 500 million capital.
Income Statements for Q3-23
In the third quarter (Q3) of 2023, the firm turned to net profits after Zakat and tax of SAR 5.46 million from a net loss of SAR 1.08 million in Q3-22.
The revenues rose by 31.08% to SAR 17.35 million in Q3-23, compared to SAR 13.23 million in the same quarter of the previous year.
On a quarterly basis, the Q3-23 net profits fell by 52.05% from SAR 11.39 million in Q2-23, while the revenues declined by 36.78% from SAR 27.45 million.
In the first half (H1) of 2023, Jazadco recorded a net profit after Zakat and tax worth SAR 13.18 million and revenues of SAR 54.93 million.
