Riyadh – Mubasher: Jazan Energy and Development Company (Jazadco) posted an annual jump of 739.7% in net profits after Zakat and tax to SAR 9.94 million in the first half (H1) of 2021 from SAR 1.18 million in H1-20.

Earnings per share stood at SAR 0.2 in H1-21, compared to SAR 0.024 in H1-20, according to the financial results on Wednesday.

Revenues increased by 3% to SAR 42.99 million in the January-June 2021 period from SAR 41.67 million in the same six months last year.

At the end of June 2021, Jazadco registered accumulated losses worth SAR 48.15 million, which represented 9.63% of the SAR 500 million capital.

As for the second quarter (Q2) of 2021, the company posted a surge of 1,087% in net profits to SAR 7.85 million from SAR 661,062 in Q2-20.

Revenues grew by 3.8% to SAR 19.82 million in Q2-21 from SAR 19.08 million in Q2-20.

On a quarterly basis, the net profits in Q2-21 were 275.84% higher than SAR 2.08 million in Q1-21, while the revenues shrank by 14.5% from SAR 23.17 million.