Riyadh – Jazan Energy and Development Company (Jazadco) witnessed a 53.47% annual plunge in net profit after Zakat and tax to SAR 13.18 million in the first half (H1) of 2023 from SAR 28.33 million.

The earnings per share (EPS) decreased to SAR 0.26 as of 30 June 2023 when compared to SAR 0.57 in the same period a year earlier, according to the interim financial results.

The revenues, meanwhile, soared by 24.40% to SAR 54.93 million during January-June 2023 from SAR 44.15 million in the same six months (6M) last year.

Income Statement for Q2-23

During the second quarter (Q2) of 2023, Jazadco posted a 53.75% decline in net profit to SAR 11.39 million from SAR 24.64 million in Q2-22.

The revenues grew by 53.83% to SAR 27.45 million during April-June 2023 when compared with SAR 17.84 million in the corresponding period last year.

On a quarterly basis, the net profits in Q2-23 were higher by 539.43% than SAR 1.78 million in Q1-23, while the revenues edged down by 0.12% from SAR 27.48 million.

Accumulated Losses

As of 30 June 2023, Jazadco recorded accumulated losses worth SAR 16.54 million which represented 3% of the SAR 500 million capital. The registered amount was lower than the SAR 27.94 million logged as of 31 March this year.

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