Riyadh – Mubasher: Jazan Energy and Development Company (Jazadco) has changed its name to Jazan Development and Investment Company, according to a bourse filing.

The rebranding was implemented after completing all the regularity procedures in accordance with the decision of the extraordinary general meeting (EGM) that was held on 26 December 2023.

Last month, the company secured a SAR 21 million loan from the Agricultural Development Fund to boost its working capital.

In the first nine months (9M) of 2023, the listed firm recorded 31.57% lower net profits after Zakat and tax at SAR 18.64 million, compared to SAR 27.24 million in 9M-22.

Revenues surged by 25.94% to SAR 72.28 million in 9M-23 from SAR 57.39 million a year earlier, while the earnings per share (EPS) dropped to SAR 0.37 from SAR 0.54.