JAZADCO net profit surges to SAR 27.3 mln in 9M 2022, Q3 losses at SAR 1.1 mln

JAZADCO net profit surges to SAR 27.3 mln in 9M 2022, Q3 losses at SAR 1.1 mln

09/11/2022 Argaam Exclusive

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Jazan Energy and Development Co. (JAZADCO) reported a net profit after Zakat and tax of SAR 27.3 million in the first nine months of 2022, a 123% increase compared to SAR 12.2 million in the year-ago period.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 62.15 57.40 (7.7 %)
Gross Income 30.60 17.49 (42.8 %)
Operating Income 11.30 (4.87) (143.1 %)
Net Income 12.22 27.25 123.0 %
Average Shares 50.00 50.00 -
EPS (Riyals) 0.24 0.54 123.0 %

The profit increase was driven by the sale of a fixed asset (land in Khabt Al Falaq area in Jazan) with a gain of SAR 31 million. This was despite the decrease in gross profit by 43%.

 

In Q3 2022, the company turned to a loss of SAR 1.1 million, against a profit of SAR 2.4 million, in the year before.

 

This came on lower sales value as exports to the Russian market were suspended due to the war repercussions and exports to the Egyptian market because of the introduction of new export procedures that resulted in a decrease in gross profit by 41%.

 

Sequentially, the company made a loss from a net profit of SAR 24.7 million in Q2 2022.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 19.16 13.24 (30.9 %)
Gross Income 8.89 5.27 (40.7 %)
Operating Income 1.92 (0.83) (143.2 %)
Net Income 2.35 (1.08) (146.1 %)
Average Shares 50.00 50.00 -
EPS (Riyals) 0.05 (0.02) (146.1 %)

Shareholders’ equity, excluding minority interest, grew to SAR 569.872 million as of Sept. 30, 2022, from SAR 542.583 million in the year-earlier period.

 

Accumulated losses came in at SAR 18.438 million by the end of the nine-month period, representing 4% of the company’s capital.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q3 2020 18.65 (2.4 %) 11.94 212.7 % 7.96 1826.2 %
Q4 2020 24.75 8.4 % 3.76 (47.6 %) (1.69) 51.0 %
Q1 2021 23.18 2.6 % 6.50 9.2 % 1.80 43.5 %
Q2 2021 19.82 3.8 % 15.22 66.7 % 7.57 538.1 %
Q3 2021 19.16 2.7 % 8.89 (25.5 %) 1.92 (75.9 %)
Q4 2021 36.36 46.9 % 10.34 174.6 % 0.51 130.2 %
Q1 2022 26.31 13.5 % 8.60 32.3 % 2.62 45.4 %
Q2 2022 17.85 (10.0 %) 3.63 (76.2 %) (6.62) (187.4 %)
Q3 2022 13.24 (30.9 %) 5.27 (40.7 %) (0.83) (143.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2020 8.45 742.4 % 0.17 - 8.45 0.17
Q4 2020 1.15 125.1 % 0.02 4.09 (2.94) (0.06)
Q1 2021 2.03 287.6 % 0.04 - 2.03 0.04
Q2 2021 7.84 1086.4 % 0.16 - 7.84 0.16
Q3 2021 2.35 (72.2 %) 0.05 - 2.35 0.05
Q4 2021 (0.09) (107.7 %) 0.00 - (0.09) 0.00
Q1 2022 3.56 75.5 % 0.07 - 3.56 0.07
Q2 2022 24.65 214.3 % 0.49 31.37 (6.72) (0.13)
Q3 2022 (1.08) (146.1 %) (0.02) - (1.08) (0.02)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q3 2020 41.13 % 16.34 % 6.07 %
Q4 2020 36.19 % 23.26 % 7.87 %
Q1 2021 36.58 % 24.29 % 9.58 %
Q2 2021 43.31 % 31.73 % 17.81 %
Q3 2021 39.55 % 25.03 % 10.68 %
Q4 2021 41.56 % 25.10 % 12.31 %
Q1 2022 42.34 % 25.29 % 13.44 %
Q2 2022 31.55 % 11.71 % (0.90 %)
Q3 2022 29.68 % 9.64 % (4.62 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2020 50.00 0.10 0.10 10.61
Q4 2020 50.00 0.22 0.13 10.48
Q1 2021 50.00 0.25 0.16 10.52
Q2 2021 50.00 0.39 0.31 10.69
Q3 2021 50.00 0.27 0.19 10.73
Q4 2021 50.00 0.24 0.24 10.85
Q1 2022 50.00 0.27 0.27 10.96
Q2 2022 50.00 0.61 (0.02) 11.42
Q3 2022 50.00 0.54 (0.09) 11.40

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2020 More than 100 More than 100 1.52
Q4 2020 77.15 More than 100 1.59
Q1 2021 86.65 More than 100 2.02
Q2 2021 68.95 87.27 2.51
Q3 2021 92.14 More than 100 2.30
Q4 2021 79.31 79.31 1.77
Q1 2022 70.85 70.85 1.77
Q2 2022 24.55 NEG 1.31
Q3 2022 24.92 NEG 1.18

Business Segments (Million)

Compared With The
Period Agricultural Activity Water bottling Segment Shrimp Farming Segment Commercial sector Properties for development and sale
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
Q3 2020 10.17 - - 5.52 2.96
Q4 2020 17.32 - - 4.49 2.94
Q1 2021 16.07 - - 4.41 2.70
Q2 2021 11.88 - - 4.79 3.15
Q3 2021 13.13 - - 3.04 2.99
Q4 2021 25.07 - - 8.32 2.96
Q1 2022 20.03 - - 3.14 3.14
Q2 2022 5.33 - - 9.25 3.26
Q3 2022 7.73 - - 2.53 2.98

Current
Market Cap (M Riyal) 647.00
Enterprise Value (EV) (M) 677.31
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 )

Share Price

Jazan Development and Investment Co. (JAZADCO)


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