Riyadh – Mubasher: Jazan Development Company (Jazadco) on Thursday announced a 15.2% year-on-year hike in net profits for the second quarter of 2018.

Jazadco’s net profits amounted to SAR 4.2 million during Q2-18, up from SAR 3.7 million in Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul).

Jazadco attributed the second-quarter profit growth to an increase in revenues.

At the level of the first six months of this year, the Saudi company’s profits slumped 77.5% to SAR 436,900, from SAR 1.9 million in H1-18.

Jazadco ascribed the first-half profit decline to a growth in revenues’ costs, coupled with higehr general, and administrative expenses.

The stock inched up 0.64% to close Thursday’s trading session at SAR 15.72.