The profits of Jazan Energy and Development Company, Jazadco, decreased by 73.26% to reach 2.258 million riyals during the third quarter of 2021, compared to 8.44 million riyals in the same quarter of the previous year.
According to Arabia Net, and on a quarterly basis, the company's profits decreased in the third quarter by 71.23%, compared to profits of 7.85 million riyals in the second quarter of 2021.
The company indicated in a statement that net profits rose by 26.73% in the first nine months of 2021 to 12.2 million riyals, compared to 9.63 million riyals in the period. Similar from 2020.
The reason for the increase in profits during the nine-month period was due to a 3.03% sales growth, as sales in the agricultural and aquaculture sectors increased by 5.4%, supported by an increase in Shrimp and fruit sales.
Revenues from the real estate sector increased by 8.5% due to higher occupancy, while sales of the industrial sector (water plant) decreased by 6%.
The increase in net profit is also due to the increase in the profits of revaluation of vital assets resulting from the company's plan to increase the production capacity of the shrimp farm, in addition to the decrease in the cost of revenue, which contributed to the increase Gross profit increased by 13.26%, due to improved performance efficiency and lower operating costs in the agricultural sector.
The improved performance and higher profitability of associates and subsidiaries also contributed to the rise in net profits.
The company's sales increased by 2.7% in the third quarter of 2021 to 19.15 million riyals, from 18.64 million riyals in the same quarter of the previous year.
The company explained that the accumulated losses at the end of the period recorded 46.03 million riyals at the end of the period, representing 9.2% of the company's capital of 500 million riyals.
