JAZADCO eyes investments in various sectors, says CEO

Jazan Energy and Development Co. (JAZADCO) is considering several investment opportunities in various sectors, CEO Mohammed Al-Manea  told CNBC Arabia on Tuesday.

More details will be disclosed soon, he added.

Among these investments is JAZADCO's housing project, which will be a qualitative shift for not only for the energy firm, but also the entire province.

The energy firm signed a partnership and development deal in March with Salman Abdullah bin Saedan Group for Real Estate Development (SABS) to develop its housing project in Jazan at a total cost of SAR 546 million.

Meanwhile, Al-Manea attributed the company's solid performance in Q2 2018 to higher sales in the shrimp farming and water segments.

JAZADCO's second-quarter net profit jumped 15 percent year-on-year to SAR 4.22 million.