Jazan Energy and Development Co. announces its Annual Financial Results for the Period Ending on 2020-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 85,071,604 | 71,881,738 | 18.349 | ||
| Gross Profit (Loss) | 30,784,809 | 15,743,657 | 95.537 | ||
| Operational Profit (Loss) | 8,450,587 | -10,543,148 | - | ||
| Net Profit (Loss) after Zakat and Tax | 10,783,359 | -12,903,931 | - | ||
| Total Comprehensive Income | 11,495,959 | -12,017,588 | - | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 523,972,624 | 524,763,082 | -0.15 | ||
| Profit (Loss) per Share | 0.22 | -0.26 | |||
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The Company has achieved profitability in 2020 as a result of its transformation program that has been launched in 2019. The transformational efforts includes organization restructuring , control and reduce cost as well as adopt new methods for sales and marketing. Consequently, the initiatives have contributed in achieving the following:
1. Increase in shrimp sales. 2. Increase in real estate revenue. 3. Increase in mango sales. 4. Reduction in operating expenses 5. Gains from subsidiary (Mango Jazan Company) 6. Reduction in general and administrative expenses 7. Significant improvement in efficiency and production of Shrimp, which resulted in a growth of 41% in production. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified to conform to the current year’s presentation. |
| Additional Information | The company has achieved the highest net income since 2015 due to the growth in sales and the restructuring of the company, which facilitates cutting costs. In addition, the company in 2020 invested in improving the efficiency and production of the shrimp farm which led to 41% growth in production, resulting in a reduction of the operating expenses. |
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