JAZADCO Q1 2023 profit plummets 50% to SAR 1.8 mln

JAZADCO Q1 2023 profit plummets 50% to SAR 1.8 mln

21/05/2023 Argaam Exclusive

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Jazan Energy and Development Co. (JAZADCO) reported a net profit of SAR 1.8 million for Q1 2023, a decline of 50% from SAR 3.6 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 26.31 27.48 4.4 %
Gross Income 8.60 9.82 14.2 %
Operating Income 2.62 3.02 15.1 %
Net Income 3.56 1.78 (50.0 %)
Average Shares 50.00 50.00 -
EPS (Riyals) 0.07 0.04 (50.0 %)

The fall in profit was driven by a higher cost of raw materials and losses from associates, despite an increase of 4% year-on-year (YoY) in revenue and 3% YoY growth in gross profit.

 

On a quarterly basis, JAZADCO turned to profit versus a net loss of SAR 9.91 million in Q4 2022.

 

Shareholders’ equity, excluding minority interest, stood at SAR 547.53 million as of March 31, 2023, compared to SAR 547.81 million a year earlier.

 

Accumulated loss reached SAR 27.94 million as of March 31, 2023, accounting for 6% of the capital.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q4 2022 20.50 (43.6 %) (1.70) (116.4 %) (17.46) (3517.2 %)
Q1 2023 27.48 4.4 % 9.82 14.2 % 3.02 15.1 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
Q4 2022 (16.54) (18,481.7 %) (0.33) (5.97) (10.57) (0.21)
Q1 2023 1.78 (50.0 %) 0.04 - 1.78 0.04

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q4 2022 20.27 % (11.58 %) (19.00 %)
Q1 2023 21.52 % (11.16 %) (20.98 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2022 50.00 0.21 (0.30) 10.26
Q1 2023 50.00 0.18 (0.33) 10.29

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2022 57.96 NEG 1.20
Q1 2023 77.50 NEG 1.33

Business Segments (Million)

Compared With The
Period Agricultural Activity Water bottling Segment Shrimp Farming Segment Commercial sector Properties for development and sale
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
Q1 2023 3.85 2.60 17.83 - 3.21


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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