JAZADCO posts SAR 13.2 mln profit in H1 2023, SAR 11.4 mln in Q2

JAZADCO posts SAR 13.2 mln profit in H1 2023, SAR 11.4 mln in Q2

13/08/2023 Argaam Exclusive

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Jazan Energy and Development Co. (JAZADCO) reported a dip of 54% in H1 2023 net profit to SAR 13.2 million from SAR 28.3 million a year earlier.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 44.16 54.93 24.4 %
Gross Income 12.22 18.06 47.8 %
Operating Income (4.04) 3.63 189.9 %
Net Income 28.33 13.18 (53.5 %)
Average Shares 50.00 50.00 -
EPS (Riyals) 0.57 0.26 (53.5 %)

The company recorded a net profit of SAR 31 million from the sale of a land plot in Jazan in H1 2022.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 17.85 27.45 53.8 %
Gross Income 3.63 9.20 153.6 %
Operating Income (6.62) 1.57 123.7 %
Net Income 24.65 11.40 (53.8 %)
Average Shares 50.00 50.00 -
EPS (Riyals) 0.49 0.23 (53.8 %)

The second-quarter net profit dropped 54% to SAR 11.4 million from SAR 24.65 million in Q2 2022.

 

JAZADCO’s quarterly net earnings skyrocketed from SAR 1.78 million in Q1 2023, due to lower operating costs and the company’s focus on the local market to sell its shrimp products. It also generated profits from booking the company’s share in Rakhaa Co.

 

Shareholders’ equity, after minority interest, rose marginally to SAR 558.95 million as of June 30, 2023, from SAR 572.27 million a year earlier.

 

Accumulated losses stood at SAR 16.54 million by the end of the six-month period, representing 3% of the company’s capital.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2014 13.87 95.8 % (0.24) 94.8 % (2.08) (109.5 %) (0.04)
Q2 2014 15.21 33.6 % 3.01 255.4 % 1.15 (99.1 %) 0.02
Q3 2014 12.04 25.2 % 3.29 259.7 % 3.55 167.7 % 0.07
Q4 2014 24.11 46.9 % 8.48 338.3 % 5.74 111.4 % 0.11
Q1 2015 11.45 (17.5 %) 2.07 963.3 % 0.07 103.5 % 0.00
Q2 2015 15.26 0.4 % 3.66 21.7 % 3.55 209.0 % 0.07
Q3 2015 28.41 136.0 % 9.42 186.0 % 7.24 104.0 % 0.14
Q4 2015 35.33 46.6 % 12.68 49.5 % 13.16 129.5 % 0.26
Q1 2016 20.27 77.0 % 4.36 110.6 % 1.23 1613.9 % 0.02
Q2 2016 17.45 14.3 % 7.01 91.2 % 3.62 1.9 % 0.07
Q3 2016 28.39 0.0 % 9.30 (1.2 %) 6.49 (10.4 %) 0.13
Q4 2016 21.26 (39.8 %) 3.88 (69.4 %) (2.38) (118.0 %) (0.05)
Q1 2017 9.63 (52.5 %) 1.22 (72.1 %) (1.72) (239.4 %) (0.03)
Q2 2017 12.50 (28.4 %) 6.96 (0.6 %) 3.66 1.3 % 0.07
Q3 2017 28.79 1.4 % 9.74 4.8 % 6.66 2.6 % 0.13
Q4 2017 29.33 38.0 % 1.07 (72.3 %) (5.37) (126.3 %) (0.11)
Q1 2018 9.97 3.5 % 0.12 (90.5 %) (3.56) (107.0 %) (0.07)
Q2 2018 12.82 2.6 % 7.64 9.8 % 4.22 15.2 % 0.08
Q3 2018 18.57 (35.5 %) 7.03 (27.8 %) 3.14 (52.9 %) 0.06
Q4 2018 27.16 (7.4 %) (5.50) (612.3 %) (13.91) (158.8 %) (0.28)
Q1 2019 16.66 67.1 % (1.08) (1039.1 %) (5.23) (47.0 %) (0.10)
Q2 2019 13.28 3.6 % 5.82 (23.9 %) (1.77) (142.0 %) (0.04)
Q3 2019 19.10 2.9 % 3.82 (45.7 %) (1.32) (141.9 %) (0.03)
Q4 2019 22.84 (15.9 %) 7.19 230.7 % (4.58) 67.1 % (0.09)
Q1 2020 22.59 35.6 % 5.95 651.2 % 0.52 110.0 % 0.01
Q2 2020 19.09 43.7 % 9.13 56.9 % 0.66 137.3 % 0.01
Q3 2020 18.65 (2.4 %) 11.94 212.7 % 8.45 742.4 % 0.17
Q4 2020 24.75 8.4 % 3.76 (47.6 %) 1.15 125.1 % 0.02
Q1 2021 23.18 2.6 % 6.50 9.2 % 2.03 287.6 % 0.04
Q2 2021 19.82 3.8 % 15.22 66.7 % 7.84 1086.4 % 0.16
Q3 2021 19.16 2.7 % 8.89 (25.5 %) 2.35 (72.2 %) 0.05
Q4 2021 36.36 46.9 % 10.34 174.6 % (0.09) (107.7 %) 0.00
Q1 2022 26.31 13.5 % 8.60 32.3 % 3.56 75.5 % 0.07
Q2 2022 17.85 (10.0 %) 3.63 (76.2 %) 24.65 214.3 % 0.49
Q3 2022 13.24 (30.9 %) 5.27 (40.7 %) (1.08) (146.1 %) (0.02)
Q4 2022 20.50 (43.6 %) (1.70) (116.4 %) (16.54) (18,481.7 %) (0.33)
Q1 2023 27.48 4.4 % 9.82 14.2 % 1.78 (50.0 %) 0.04
Q2 2023 27.45 53.8 % 9.20 153.6 % 11.40 (53.8 %) 0.23

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 %)
Q2 2023 25.47 % (1.08 %) 1.73 %


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
Q2 2023 50.00 (0.09) 0.03 11.18

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
Q2 2023 NEG More than 100 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 1.92 2.60 19.76 - 3.20
Q2 2023 20.48 - - 3.72 3.25


Financial Ratios
Current
Market Cap (M Riyal) 768.00
Enterprise Value (EV) (M) 806.77
Shares Outstanding ((M)) 50.00
EPS ( Riyal) (TTM) (0.82)
Book Value (BV) ( Riyal) 9.24
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.66
Return on Average Assets (%) (TTM) (6.95 )
Return on Average Equity (%) (TTM) (8.39 )
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Share Price

Jazan Development and Investment Co.
15.36
(0.30) (1.92 %)

Jazan Development and Investment Co. (JAZADCO)

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