JAZADCO turns to SAR 1.2 mln profit in H1 2020

JAZADCO turns to SAR 1.2 mln profit in H1 2020

24/08/2020 Argaam Exclusive

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Jazan Energy and Development Co. (JAZADCO) reported net profit after Zakat and tax of SAR 1.2 million in H1 2020, versus net losses of SAR 7 million in year-earlier period, driven by a 39.18% increase in sales revenue.

 



Financials (M)

Item 6m 2019 6m 2020 Change‬
Revenues 29.94 41.68 39.2 %
Gross Income 4.74 15.08 218.4 %
Operating Income (6.63) 2.54 138.3 %
Net Income (7.01) 1.19 116.9 %
Average Shares 50.00 50.00 -
EPS (Riyals) (0.14) 0.02 116.9 %

The company also cited the restructuring of segments, which boosted its operating performance, in addition to the implementation of a number of initiatives to cut operating costs as well as selling and marketing expenses.



Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Revenues 13.28 19.09 43.7 %
Gross Income 5.82 9.13 56.9 %
Operating Income (1.65) 1.19 171.9 %
Net Income (1.77) 0.66 137.3 %
Average Shares 50.00 50.00 -
EPS (Riyals) (0.04) 0.01 137.3 %

The company turned to a net profit after Zakat and tax of SAR 661,000 in Q2 2020 compared to a net loss of SAR 1.7 million in year-earlier period due to 43.68% sales growth.

 

On a sequential basis, the company reported profits, backed by a 43.7% increase in sales revenue.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2011 20.06 (11.5 %) (4.16) (189.5 %) (6.65) (313.7 %)
Q2 2011 20.98 (12.0 %) 0.18 103.8 % (3.26) 54.5 %
Q3 2011 16.15 24.8 % (5.03) (1,085.1 %) (8.62) (259.5 %)
Q4 2011 13.07 (18.4 %) (7.10) (581.7 %) (10.62) (104.4 %)
Q1 2012 7.10 (64.6 %) (3.19) 23.2 % (6.34) 4.8 %
Q2 2012 7.91 (62.3 %) (5.80) (3286.3 %) (10.18) (212.5 %)
Q3 2012 8.58 (46.9 %) (4.15) 17.3 % (8.14) 5.6 %
Q4 2012 14.94 14.3 % (4.20) 40.9 % (8.34) 21.5 %
Q1 2013 7.09 (0.2 %) (4.65) (45.7 %) (8.15) (28.7 %)
Q2 2013 11.39 43.9 % (1.94) 66.6 % (6.37) 37.4 %
Q3 2013 9.62 12.1 % (2.06) 50.4 % (6.31) 22.5 %
Q4 2013 16.41 9.9 % (3.56) 15.2 % (12.61) (51.2 %)
Q1 2014 13.87 95.8 % (0.24) 94.8 % (3.06) 62.5 %
Q2 2014 15.21 33.6 % 3.01 255.4 % 0.27 104.3 %
Q3 2014 12.04 25.2 % 3.29 259.7 % 0.55 108.7 %
Q4 2014 24.11 46.9 % 8.48 338.3 % 5.37 142.6 %
Q1 2015 11.45 (17.5 %) 2.07 963.3 % (0.61) 80.0 %
Q2 2015 15.26 0.4 % 3.66 21.7 % 0.93 240.4 %
Q3 2015 28.41 136.0 % 9.42 186.0 % 6.84 1139.7 %
Q4 2015 35.33 46.6 % 12.68 49.5 % 9.93 85.0 %
Q1 2016 20.27 77.0 % 4.36 110.6 % 1.33 318.0 %
Q2 2016 17.45 14.3 % 7.01 91.2 % 3.72 301.3 %
Q3 2016 28.39 0.0 % 9.30 (1.2 %) 6.59 (3.8 %)
Q4 2016 21.26 (39.8 %) 3.88 (69.4 %) (0.94) (109.4 %)
Q1 2017 9.63 (52.5 %) 1.22 (72.1 %) (1.62) (221.4 %)
Q2 2017 12.50 (28.4 %) 6.96 (0.6 %) 3.76 1.3 %
Q3 2017 28.79 1.4 % 9.74 4.8 % 6.76 2.6 %
Q4 2017 29.33 38.0 % 1.07 (72.3 %) (4.07) (333.7 %)
Q1 2018 9.97 3.5 % 0.12 (90.5 %) (3.25) (100.5 %)
Q2 2018 12.82 2.6 % 7.64 9.8 % 4.32 14.8 %
Q3 2018 18.57 (35.5 %) 7.03 (27.8 %) 3.69 (45.4 %)
Q4 2018 27.16 (7.4 %) (5.50) (612.3 %) (12.25) (201.1 %)
Q1 2019 16.66 67.1 % (1.08) (1039.1 %) (4.98) (53.3 %)
Q2 2019 13.28 3.6 % 5.82 (23.9 %) (1.65) (138.2 %)
Q3 2019 19.10 2.9 % 3.82 (45.7 %) (0.46) (112.5 %)
Q4 2019 22.84 (15.9 %) 7.19 230.7 % (3.45) 71.8 %
Q1 2020 22.59 35.6 % 5.95 651.2 % 1.26 125.2 %
Q2 2020 19.09 43.7 % 9.13 56.9 % 1.19 171.9 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2011 (6.70) (322.2 %) (0.13) - (6.70) (0.13)
Q2 2011 (4.94) 85.1 % (0.10) - (4.94) (0.10)
Q3 2011 (26.51) (219.2 %) (0.53) - (26.51) (0.53)
Q4 2011 (30.89) (122.4 %) (0.62) (34.03) 3.14 0.06
Q1 2012 (4.05) 39.6 % (0.08) - (4.05) (0.08)
Q2 2012 (6.33) (28.1 %) (0.13) - (6.33) (0.13)
Q3 2012 (9.69) 63.4 % (0.19) - (9.69) (0.19)
Q4 2012 1.73 105.6 % 0.03 9.07 (7.34) (0.15)
Q1 2013 21.87 640.4 % 0.44 28.55 (6.68) (0.13)
Q2 2013 134.11 2219.6 % 2.68 154.92 (20.81) (0.42)
Q3 2013 (5.24) 45.9 % (0.10) 0.04 (5.28) (0.11)
Q4 2013 (50.09) (2993.8 %) (1.00) (14.28) (35.81) (0.72)
Q1 2014 (2.08) (109.5 %) (0.04) - (2.08) (0.04)
Q2 2014 1.15 (99.1 %) 0.02 - 1.15 0.02
Q3 2014 3.55 167.7 % 0.07 - 3.55 0.07
Q4 2014 5.74 111.4 % 0.11 - 5.74 0.11
Q1 2015 0.07 103.5 % 0.00 - 0.07 0.00
Q2 2015 3.55 209.0 % 0.07 - 3.55 0.07
Q3 2015 7.24 104.0 % 0.14 - 7.24 0.14
Q4 2015 13.16 129.5 % 0.26 - 13.16 0.26
Q1 2016 1.23 1613.9 % 0.02 - 1.23 0.02
Q2 2016 3.62 1.9 % 0.07 - 3.62 0.07
Q3 2016 6.49 (10.4 %) 0.13 - 6.49 0.13
Q4 2016 (2.38) (118.0 %) (0.05) - (2.38) (0.05)
Q1 2017 (1.72) (239.4 %) (0.03) - (1.72) (0.03)
Q2 2017 3.66 1.3 % 0.07 - 3.66 0.07
Q3 2017 6.66 2.6 % 0.13 - 6.66 0.13
Q4 2017 (5.37) (126.3 %) (0.11) - (5.37) (0.11)
Q1 2018 (3.56) (107.0 %) (0.07) - (3.56) (0.07)
Q2 2018 4.22 15.2 % 0.08 - 4.22 0.08
Q3 2018 3.14 (52.9 %) 0.06 - 3.14 0.06
Q4 2018 (13.91) (158.8 %) (0.28) - (13.91) (0.28)
Q1 2019 (5.23) (47.0 %) (0.10) - (5.23) (0.10)
Q2 2019 (1.77) (142.0 %) (0.04) - (1.77) (0.04)
Q3 2019 (1.32) (141.9 %) (0.03) - (1.32) (0.03)
Q4 2019 (4.58) 67.1 % (0.09) - (4.58) (0.09)
Q1 2020 0.52 110.0 % 0.01 - 0.52 0.01
Q2 2020 0.66 137.3 % 0.01 - 0.66 0.01

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2011 (14.27 %) (2.22 %) (43.16 %)
Q2 2011 (7.77 %) 4.20 % (4.71 %)
Q3 2011 (13.72 %) (3.01 %) (71.09 %)
Q4 2011 (22.92 %) (12.68 %) (49.84 %)
Q1 2012 (26.42 %) (14.60 %) (56.48 %)
Q2 2012 (47.75 %) (32.91 %) (76.32 %)
Q3 2012 (55.24 %) (38.85 %) (46.20 %)
Q4 2012 (45.01 %) (27.87 %) (71.14 %)
Q1 2013 (48.81 %) (32.30 %) (78.00 %)
Q2 2013 (35.57 %) (18.99 %) (106.04 %)
Q3 2013 (29.85 %) (15.73 %) (93.23 %)
Q4 2013 (27.43 %) (4.80 %) (154.13 %)
Q1 2014 (15.21 %) 0.65 % (124.75 %)
Q2 2014 (5.17 %) 7.33 % (76.25 %)
Q3 2014 4.35 % 13.79 % (57.70 %)
Q4 2014 22.30 % 21.10 % 12.81 %
Q1 2015 26.84 % 25.77 % 16.72 %
Q2 2015 27.86 % 28.53 % 20.53 %
Q3 2015 29.83 % 32.21 % 20.94 %
Q4 2015 30.76 % 34.91 % 26.55 %
Q1 2016 30.34 % 34.70 % 25.37 %
Q2 2016 32.98 % 36.99 % 24.89 %
Q3 2016 32.87 % 37.04 % 24.15 %
Q4 2016 28.10 % 30.90 % 10.26 %
Q1 2017 27.89 % 31.76 % 7.83 %
Q2 2017 29.76 % 34.31 % 8.43 %
Q3 2017 30.21 % 34.55 % 8.62 %
Q4 2017 23.67 % 27.34 % 4.02 %
Q1 2018 22.20 % 25.27 % 1.72 %
Q2 2018 22.95 % 25.91 % 2.40 %
Q3 2018 22.44 % 25.35 % (2.23 %)
Q4 2018 13.55 % 14.37 % (14.76 %)
Q1 2019 10.76 % 10.86 % (15.67 %)
Q2 2019 8.28 % 2.97 % (23.50 %)
Q3 2019 4.01 % (2.35 %) (29.17 %)
Q4 2019 21.90 % 1.13 % (17.95 %)
Q1 2020 29.27 % 6.93 % (9.18 %)
Q2 2020 31.20 % 8.15 % (5.64 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2011 50.00 (0.63) (0.63) 11.84
Q2 2011 50.00 (0.07) (0.07) 11.81
Q3 2011 50.00 (1.04) (1.04) 11.25
Q4 2011 50.00 (1.38) (0.70) 10.54
Q1 2012 50.00 (1.33) (0.65) 10.50
Q2 2012 50.00 (1.36) (0.67) 10.32
Q3 2012 50.00 (1.02) (0.34) 10.11
Q4 2012 50.00 (0.37) (0.55) 10.14
Q1 2013 50.00 0.15 (0.60) 10.30
Q2 2013 50.00 2.96 (0.89) 12.98
Q3 2013 50.00 3.05 (0.80) 12.88
Q4 2013 50.00 2.01 (1.37) 11.92
Q1 2014 50.00 1.53 (1.28) 11.88
Q2 2014 50.00 (1.13) (0.84) 11.90
Q3 2014 50.00 (0.95) (0.66) 11.96
Q4 2014 50.00 0.17 0.17 12.04
Q1 2015 50.00 0.21 0.21 12.06
Q2 2015 50.00 0.26 0.26 12.09
Q3 2015 50.00 0.33 0.33 12.20
Q4 2015 50.00 0.48 0.48 12.42
Q1 2016 50.00 0.50 0.50 12.19
Q2 2016 50.00 0.50 0.50 12.28
Q3 2016 50.00 0.49 0.49 12.39
Q4 2016 50.00 0.18 0.18 11.66
Q1 2017 50.00 0.12 0.12 11.66
Q2 2017 50.00 0.12 0.12 11.73
Q3 2017 50.00 0.12 0.12 11.86
Q4 2017 50.00 0.06 0.06 11.75
Q1 2018 50.00 0.03 0.03 11.68
Q2 2018 50.00 0.04 0.04 11.76
Q3 2018 50.00 (0.03) (0.03) 11.82
Q4 2018 50.00 (0.20) (0.20) 10.58
Q1 2019 50.00 (0.24) (0.24) 11.34
Q2 2019 50.00 (0.36) (0.36) 11.30
Q3 2019 50.00 (0.44) (0.44) 11.27
Q4 2019 50.00 (0.26) (0.26) 10.25
Q1 2020 50.00 (0.14) (0.14) 10.80
Q2 2020 50.00 (0.09) (0.09) 10.82

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2011 NEG NEG 1.49
Q2 2011 NEG NEG 1.74
Q3 2011 NEG NEG 1.75
Q4 2011 NEG NEG 3.01
Q1 2012 NEG NEG 2.31
Q2 2012 NEG NEG 1.44
Q3 2012 NEG NEG 1.58
Q4 2012 NEG NEG 1.50
Q1 2013 More than 100 NEG 1.56
Q2 2013 5.51 NEG 1.26
Q3 2013 5.38 NEG 1.27
Q4 2013 8.67 NEG 1.46
Q1 2014 12.06 NEG 1.56
Q2 2014 NEG NEG 1.74
Q3 2014 NEG NEG 1.74
Q4 2014 83.73 83.73 1.16
Q1 2015 68.23 68.23 1.19
Q2 2015 57.28 57.28 1.22
Q3 2015 33.52 33.52 0.91
Q4 2015 35.72 35.72 1.38
Q1 2016 24.21 24.21 1.00
Q2 2016 23.45 23.45 0.96
Q3 2016 17.18 17.18 0.68
Q4 2016 61.88 61.88 0.95
Q1 2017 More than 100 More than 100 1.18
Q2 2017 More than 100 More than 100 1.20
Q3 2017 More than 100 More than 100 1.56
Q4 2017 More than 100 More than 100 1.45
Q1 2018 More than 100 More than 100 1.46
Q2 2018 More than 100 More than 100 1.38
Q3 2018 NEG NEG 1.29
Q4 2018 NEG NEG 1.40
Q1 2019 NEG NEG 1.21
Q2 2019 NEG NEG 1.12
Q3 2019 NEG NEG 1.07
Q4 2019 NEG NEG 1.14
Q1 2020 NEG NEG 0.88
Q2 2020 NEG NEG 1.05

Business Segments (Million)

Compared With The
Period Agricultural Activity Commercial sector Properties for development and sale
Q1 2011 17.52 2.01 0.53
Q2 2011 17.12 3.23 0.62
Q3 2011 11.91 3.51 0.74
Q4 2011 8.74 3.10 1.22
Q1 2012 3.24 3.03 0.83
Q2 2012 2.44 4.68 0.79
Q3 2012 0.53 7.11 0.94
Q4 2012 7.94 6.10 0.89
Q1 2013 2.71 3.49 0.89
Q2 2013 3.85 6.64 0.91
Q3 2013 1.15 7.53 0.93
Q4 2013 7.83 7.63 0.95
Q1 2014 6.59 6.34 0.94
Q2 2014 4.87 9.28 1.05
Q3 2014 1.19 9.96 0.89
Q4 2014 15.06 7.84 1.21
Q1 2015 1.05 6.95 3.45
Q2 2015 0.50 10.71 4.05
Q3 2015 13.01 11.33 4.08
Q4 2015 21.07 9.83 4.44
Q1 2016 6.35 9.65 4.26
Q2 2016 0.58 12.21 4.65
Q3 2016 15.61 8.16 4.62
Q4 2016 8.34 8.08 4.84
Q1 2017 0.59 4.19 4.86
Q2 2017 0.76 7.26 4.48
Q3 2017 20.34 4.03 4.41
Q4 2017 17.94 7.34 4.05
Q1 2018 1.08 4.89 4.00
Q2 2018 0.67 8.41 3.74
Q3 2018 7.77 7.23 3.57
Q4 2018 17.97 5.78 3.41
Q1 2019 7.95 5.87 2.84
Q2 2019 3.35 7.41 2.53
Q3 2019 8.77 8.44 1.89
Q4 2019 14.13 6.31 2.40
Q1 2020 14.56 5.45 2.58
Q2 2020 11.95 4.33 2.80


Financial Ratios
Current
Market Cap (M Riyal) 648.00
Enterprise Value (EV) (M) 678.31
Shares Outstanding ((M)) 50.00
EPS ( Riyal) (TTM) (1.78)
Book Value (BV) ( Riyal) 8.62
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.50
Return on Average Assets (%) (TTM) (14.99 )
Return on Average Equity (%) (TTM) (17.92 )
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Share Price

Jazan Development and Investment Co.
12.96
(0.10) (0.77 %)

Jazan Development and Investment Co. (JAZADCO)

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