Riyadh – Mubasher: Jazan Energy and Development Company (Jazadco) recorded an annual drop of 49.98% in net profit after Zakat and tax to SAR 1.78 million during the first quarter (Q1) of 2023, versus SAR 3.56 million.

Revenues grew by 4.44% to SAR 27.48 million in January-March 2023 from SAR 26.31 million in Q1-22, according to the interim financial results.

The earnings per share (EPS) stood at SAR 0.04 during Q1-23, lower than SAR 0.07 in the year-ago period.

On a quarterly basis, the firm turned profitable in Q1-23 against net losses after Zakat and tax valued at SAR 9.90 million in Q4-22. Meanwhile, the revenues jumped by 34.08% from SAR 20.94 million.

Accumulated Losses

The incurred accumulated losses reached SAR 27.94 million as of 31 March 2023, equivalent to 6% of the SAR 500 million capital.

Last year, Jazadco generated net profits after Zakat and tax valued at SAR 17.34 million, a 42.98% surge from SAR 12.12 million in 2021.