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Jazadco shifts to SAR 41m losses in Q1-24

Jazadco shifts to SAR 41m losses in Q1-24
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Riyadh – Mubasher: Jazan Development and Investment Company (Jazadco) turned to net losses valued at SAR 40.93 million in the first quarter (Q1) of 2024, compared to net profits worth SAR 1.78 million in Q1-23.

Revenues dropped by 47.28% to SAR 14.48 million as of 31 March 2024 from SAR 27.48 million in the year-ago period, according to the consolidated financial statements.

Loss per share amounted to SAR 0.82 in the first three months (3M) of 2024, versus an earnings per share (EPS) of SAR 0.04 in Q1-23.

Quarterly, the revenues in Q1-24 increased by 20.28% from SAR 12.04 million in Q4-23, while the net losses enlarged by 142.431% from SAR 16.88 million.

At the beginning of 2024, the company unveiled rebranding to Jazan Development and Investment, instead of Jazan Energy and Development Company.