JAZADCO posts 43% profit leap to SAR 17.3 mln in 2022, widens Q4 loss to SAR 9.9 mln

JAZADCO posts 43% profit leap to SAR 17.3 mln in 2022, widens Q4 loss to SAR 9.9 mln

29/03/2023 Argaam Exclusive

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Jazan Energy and Development Co. (JAZADCO) reported a 43% leap in 2022 net profit to SAR 17.3 million, compared to SAR 12.1 million in 2021, thanks to the SAR 31 million gains realized from the sale of a land plot in the Khabt Al-Falaq, Jazan.



Financials (M)

Item 2021 2022 Change‬
Revenues 98.51 77.89 (20.9 %)
Gross Income 40.94 15.79 (61.4 %)
Operating Income 11.81 (22.33) (289.2 %)
Net Income 12.13 10.71 (11.7 %)
Average Shares 50.00 50.00 -
EPS (Riyals) 0.24 0.21 (11.7 %)

On the other hand, revenues and gross profit fell by 21% and 61% year-on-year (YoY), respectively, due to lower shrimp sales amid the Russian-Ukrainian crisis, as well as the introduction of new export measures in Egypt, which led to a significant decrease in exports. 

 

JAZADCO reported higher costs, as well as selling and marketing expenses due to the decline in sales.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 36.36 20.50 (43.6 %)
Gross Income 10.34 (1.70) (116.4 %)
Operating Income 0.51 (17.46) (3517.2 %)
Net Income (0.09) (16.54) (18,481.7 %)
Average Shares 50.00 50.00 -
EPS (Riyals) 0.00 (0.33) (18,481.7 %)

In Q4 2022, net losses widened to SAR 9.9 million, from SAR 0.09 million in the prior-year period.

 

JAZADCO sustained a net loss of SAR 1 million in Q3 2022.

 

Total shareholders’ equity, after minority interest, rose to SAR 546.41 million as of Dec. 31, 2022, from SAR 542.58 million a year earlier.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 7.09 (0.2 %) (4.65) (45.7 %) (8.15) (28.7 %)
Q2 2013 11.39 43.9 % (1.94) 66.6 % (6.37) 37.4 %
Q3 2013 9.62 12.1 % (2.06) 50.4 % (6.31) 22.5 %
Q4 2013 16.41 9.9 % (3.56) 15.2 % (12.61) (51.2 %)
Q1 2014 13.87 95.8 % (0.24) 94.8 % (3.06) 62.5 %
Q2 2014 15.21 33.6 % 3.01 255.4 % 0.27 104.3 %
Q3 2014 12.04 25.2 % 3.29 259.7 % 0.55 108.7 %
Q4 2014 24.11 46.9 % 8.48 338.3 % 5.37 142.6 %
Q1 2015 11.45 (17.5 %) 2.07 963.3 % (0.61) 80.0 %
Q2 2015 15.26 0.4 % 3.66 21.7 % 0.93 240.4 %
Q3 2015 28.41 136.0 % 9.42 186.0 % 6.84 1139.7 %
Q4 2015 35.33 46.6 % 12.68 49.5 % 9.93 85.0 %
Q1 2016 20.27 77.0 % 4.36 110.6 % 1.33 318.0 %
Q2 2016 17.45 14.3 % 7.01 91.2 % 3.72 301.3 %
Q3 2016 28.39 0.0 % 9.30 (1.2 %) 6.59 (3.8 %)
Q4 2016 21.26 (39.8 %) 3.88 (69.4 %) (0.94) (109.4 %)
Q1 2017 9.63 (52.5 %) 1.22 (72.1 %) (1.62) (221.4 %)
Q2 2017 12.50 (28.4 %) 6.96 (0.6 %) 3.76 1.3 %
Q3 2017 28.79 1.4 % 9.74 4.8 % 6.76 2.6 %
Q4 2017 29.33 38.0 % 1.07 (72.3 %) (4.07) (333.7 %)
Q1 2018 9.97 3.5 % 0.12 (90.5 %) (3.25) (100.5 %)
Q2 2018 12.82 2.6 % 7.64 9.8 % 4.32 14.8 %
Q3 2018 18.57 (35.5 %) 7.03 (27.8 %) 3.69 (45.4 %)
Q4 2018 27.16 (7.4 %) (5.50) (612.3 %) (12.25) (201.1 %)
Q1 2019 16.66 67.1 % (1.08) (1039.1 %) (4.98) (53.3 %)
Q2 2019 13.28 3.6 % 5.82 (23.9 %) (1.65) (138.2 %)
Q3 2019 19.10 2.9 % 3.82 (45.7 %) (0.46) (112.5 %)
Q4 2019 22.84 (15.9 %) 7.19 230.7 % (3.45) 71.8 %
Q1 2020 22.59 35.6 % 5.95 651.2 % 1.26 125.2 %
Q2 2020 19.09 43.7 % 9.13 56.9 % 1.19 171.9 %
Q3 2020 18.65 (2.4 %) 11.94 212.7 % 7.96 1826.2 %
Q4 2020 24.75 8.4 % 3.76 (47.6 %) (1.69) 51.0 %
Q1 2021 23.18 2.6 % 6.50 9.2 % 1.80 43.5 %
Q2 2021 19.82 3.8 % 15.22 66.7 % 7.57 538.1 %
Q3 2021 19.16 2.7 % 8.89 (25.5 %) 1.92 (75.9 %)
Q4 2021 36.36 46.9 % 10.34 174.6 % 0.51 130.2 %
Q1 2022 26.31 13.5 % 8.60 32.3 % 2.62 45.4 %
Q2 2022 17.85 (10.0 %) 3.63 (76.2 %) (6.62) (187.4 %)
Q3 2022 13.24 (30.9 %) 5.27 (40.7 %) (0.83) (143.2 %)
Q4 2022 20.50 (43.6 %) (1.70) (116.4 %) (17.46) (3517.2 %)
2022 77.89 (20.9 %) 15.79 (61.4 %) (22.33) (289.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 21.87 640.4 % 0.44 28.55 (6.68) (0.13)
Q2 2013 134.11 2219.6 % 2.68 154.92 (20.81) (0.42)
Q3 2013 (5.24) 45.9 % (0.10) 0.04 (5.28) (0.11)
Q4 2013 (50.09) (2993.8 %) (1.00) (14.28) (35.81) (0.72)
Q1 2014 (2.08) (109.5 %) (0.04) - (2.08) (0.04)
Q2 2014 1.15 (99.1 %) 0.02 - 1.15 0.02
Q3 2014 3.55 167.7 % 0.07 - 3.55 0.07
Q4 2014 5.74 111.4 % 0.11 - 5.74 0.11
Q1 2015 0.07 103.5 % 0.00 - 0.07 0.00
Q2 2015 3.55 209.0 % 0.07 - 3.55 0.07
Q3 2015 7.24 104.0 % 0.14 - 7.24 0.14
Q4 2015 13.16 129.5 % 0.26 - 13.16 0.26
Q1 2016 1.23 1613.9 % 0.02 - 1.23 0.02
Q2 2016 3.62 1.9 % 0.07 - 3.62 0.07
Q3 2016 6.49 (10.4 %) 0.13 - 6.49 0.13
Q4 2016 (2.38) (118.0 %) (0.05) - (2.38) (0.05)
Q1 2017 (1.72) (239.4 %) (0.03) - (1.72) (0.03)
Q2 2017 3.66 1.3 % 0.07 - 3.66 0.07
Q3 2017 6.66 2.6 % 0.13 - 6.66 0.13
Q4 2017 (5.37) (126.3 %) (0.11) - (5.37) (0.11)
Q1 2018 (3.56) (107.0 %) (0.07) - (3.56) (0.07)
Q2 2018 4.22 15.2 % 0.08 - 4.22 0.08
Q3 2018 3.14 (52.9 %) 0.06 - 3.14 0.06
Q4 2018 (13.91) (158.8 %) (0.28) - (13.91) (0.28)
Q1 2019 (5.23) (47.0 %) (0.10) - (5.23) (0.10)
Q2 2019 (1.77) (142.0 %) (0.04) - (1.77) (0.04)
Q3 2019 (1.32) (141.9 %) (0.03) - (1.32) (0.03)
Q4 2019 (4.58) 67.1 % (0.09) - (4.58) (0.09)
Q1 2020 0.52 110.0 % 0.01 - 0.52 0.01
Q2 2020 0.66 137.3 % 0.01 - 0.66 0.01
Q3 2020 8.45 742.4 % 0.17 - 8.45 0.17
Q4 2020 1.15 125.1 % 0.02 4.09 (2.94) (0.06)
Q1 2021 2.03 287.6 % 0.04 - 2.03 0.04
Q2 2021 7.84 1086.4 % 0.16 - 7.84 0.16
Q3 2021 2.35 (72.2 %) 0.05 - 2.35 0.05
Q4 2021 (0.09) (107.7 %) 0.00 - (0.09) 0.00
Q1 2022 3.56 75.5 % 0.07 - 3.56 0.07
Q2 2022 24.65 214.3 % 0.49 31.37 (6.72) (0.13)
Q3 2022 (1.08) (146.1 %) (0.02) - (1.08) (0.02)
Q4 2022 (16.54) (18,481.7 %) (0.33) (5.97) (10.57) (0.21)
2022 10.71 (11.7 %) 0.21 25.40 (14.69) (0.29)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 (48.81 %) (32.30 %) (78.00 %)
Q2 2013 (35.57 %) (18.99 %) (106.04 %)
Q3 2013 (29.85 %) (15.73 %) (93.23 %)
Q4 2013 (27.43 %) (4.80 %) (154.13 %)
Q1 2014 (15.21 %) 0.65 % (124.75 %)
Q2 2014 (5.17 %) 7.33 % (76.25 %)
Q3 2014 4.35 % 13.79 % (57.70 %)
Q4 2014 22.30 % 21.10 % 12.81 %
Q1 2015 26.84 % 25.77 % 16.72 %
Q2 2015 27.86 % 28.53 % 20.53 %
Q3 2015 29.83 % 32.21 % 20.94 %
Q4 2015 30.76 % 34.91 % 26.55 %
Q1 2016 30.34 % 34.70 % 25.37 %
Q2 2016 32.98 % 36.99 % 24.89 %
Q3 2016 32.87 % 37.04 % 24.15 %
Q4 2016 28.10 % 30.90 % 10.26 %
Q1 2017 27.89 % 31.76 % 7.83 %
Q2 2017 29.76 % 34.31 % 8.43 %
Q3 2017 30.21 % 34.55 % 8.62 %
Q4 2017 23.67 % 27.34 % 4.02 %
Q1 2018 22.20 % 25.27 % 1.72 %
Q2 2018 22.95 % 25.91 % 2.40 %
Q3 2018 22.44 % 25.35 % (2.23 %)
Q4 2018 13.55 % 14.37 % (14.76 %)
Q1 2019 10.76 % 10.86 % (15.67 %)
Q2 2019 8.28 % 2.97 % (23.50 %)
Q3 2019 4.01 % (2.35 %) (29.17 %)
Q4 2019 21.90 % 1.13 % (17.95 %)
Q1 2020 29.27 % 6.93 % (9.18 %)
Q2 2020 31.20 % 8.15 % (5.64 %)
Q3 2020 41.13 % 16.34 % 6.07 %
Q4 2020 36.19 % 23.26 % 7.87 %
Q1 2021 36.58 % 24.29 % 9.58 %
Q2 2021 43.31 % 31.73 % 17.81 %
Q3 2021 39.55 % 25.03 % 10.68 %
Q4 2021 41.56 % 25.10 % 12.31 %
Q1 2022 42.34 % 25.29 % 13.44 %
Q2 2022 31.55 % 11.71 % (0.90 %)
Q3 2022 29.68 % 9.64 % (4.62 %)
Q4 2022 20.27 % (11.58 %) (19.00 %)
2022 20.27 % (11.63 %) (18.85 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 50.00 0.15 (0.60) 10.30
Q2 2013 50.00 2.96 (0.89) 12.98
Q3 2013 50.00 3.05 (0.80) 12.88
Q4 2013 50.00 2.01 (1.37) 11.92
Q1 2014 50.00 1.53 (1.28) 11.88
Q2 2014 50.00 (1.13) (0.84) 11.90
Q3 2014 50.00 (0.95) (0.66) 11.96
Q4 2014 50.00 0.17 0.17 12.04
Q1 2015 50.00 0.21 0.21 12.06
Q2 2015 50.00 0.26 0.26 12.09
Q3 2015 50.00 0.33 0.33 12.20
Q4 2015 50.00 0.48 0.48 12.42
Q1 2016 50.00 0.50 0.50 12.19
Q2 2016 50.00 0.50 0.50 12.28
Q3 2016 50.00 0.49 0.49 12.39
Q4 2016 50.00 0.18 0.18 11.66
Q1 2017 50.00 0.12 0.12 11.66
Q2 2017 50.00 0.12 0.12 11.73
Q3 2017 50.00 0.12 0.12 11.86
Q4 2017 50.00 0.06 0.06 11.75
Q1 2018 50.00 0.03 0.03 11.68
Q2 2018 50.00 0.04 0.04 11.76
Q3 2018 50.00 (0.03) (0.03) 11.82
Q4 2018 50.00 (0.20) (0.20) 10.58
Q1 2019 50.00 (0.24) (0.24) 11.34
Q2 2019 50.00 (0.36) (0.36) 11.30
Q3 2019 50.00 (0.44) (0.44) 11.27
Q4 2019 50.00 (0.26) (0.26) 10.25
Q1 2020 50.00 (0.14) (0.14) 10.80
Q2 2020 50.00 (0.09) (0.09) 10.82
Q3 2020 50.00 0.10 0.10 10.61
Q4 2020 50.00 0.22 0.13 10.48
Q1 2021 50.00 0.25 0.16 10.52
Q2 2021 50.00 0.39 0.31 10.69
Q3 2021 50.00 0.27 0.19 10.73
Q4 2021 50.00 0.24 0.24 10.85
Q1 2022 50.00 0.27 0.27 10.96
Q2 2022 50.00 0.61 (0.02) 11.42
Q3 2022 50.00 0.54 (0.09) 11.40
Q4 2022 50.00 0.21 (0.30) 10.26

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 More than 100 NEG 1.56
Q2 2013 5.51 NEG 1.26
Q3 2013 5.38 NEG 1.27
Q4 2013 8.67 NEG 1.46
Q1 2014 12.06 NEG 1.56
Q2 2014 NEG NEG 1.74
Q3 2014 NEG NEG 1.74
Q4 2014 83.73 83.73 1.16
Q1 2015 68.23 68.23 1.19
Q2 2015 57.28 57.28 1.22
Q3 2015 33.52 33.52 0.91
Q4 2015 35.72 35.72 1.38
Q1 2016 24.21 24.21 1.00
Q2 2016 23.45 23.45 0.96
Q3 2016 17.18 17.18 0.68
Q4 2016 61.88 61.88 0.95
Q1 2017 More than 100 More than 100 1.18
Q2 2017 More than 100 More than 100 1.20
Q3 2017 More than 100 More than 100 1.56
Q4 2017 More than 100 More than 100 1.45
Q1 2018 More than 100 More than 100 1.46
Q2 2018 More than 100 More than 100 1.38
Q3 2018 NEG NEG 1.29
Q4 2018 NEG NEG 1.40
Q1 2019 NEG NEG 1.21
Q2 2019 NEG NEG 1.12
Q3 2019 NEG NEG 1.07
Q4 2019 NEG NEG 1.14
Q1 2020 NEG NEG 0.88
Q2 2020 NEG NEG 1.05
Q3 2020 More than 100 More than 100 1.52
Q4 2020 77.15 More than 100 1.59
Q1 2021 86.65 More than 100 2.02
Q2 2021 68.95 87.27 2.51
Q3 2021 92.14 More than 100 2.30
Q4 2021 79.31 79.31 1.77
Q1 2022 70.85 70.85 1.77
Q2 2022 24.55 NEG 1.31
Q3 2022 24.92 NEG 1.18
Q4 2022 57.96 NEG 1.20

Business Segments (Million)

Compared With The
Period Shrimp Farming Segment Water bottling Segment Agricultural Activity Properties for development and sale Commercial sector
Q1 2013 - - 2.71 0.89 3.49
Q2 2013 - - 3.85 0.91 6.64
Q3 2013 - - 1.15 0.93 7.53
Q4 2013 - - 7.83 0.95 7.63
Q1 2014 - - 6.59 0.94 6.34
Q2 2014 - - 4.87 1.05 9.28
Q3 2014 - - 1.19 0.89 9.96
Q4 2014 - - 15.06 1.21 7.84
Q1 2015 - - 1.05 3.45 6.95
Q2 2015 - - 0.50 4.05 10.71
Q3 2015 - - 13.01 4.08 11.33
Q4 2015 - - 21.07 4.44 9.83
Q1 2016 - - 6.35 4.26 9.65
Q2 2016 - - 0.58 4.65 12.21
Q3 2016 - - 15.61 4.62 8.16
Q4 2016 - - 8.34 4.84 8.08
Q1 2017 - - 0.59 4.86 4.19
Q2 2017 - - 0.76 4.48 7.26
Q3 2017 - - 20.34 4.41 4.03
Q4 2017 - - 17.94 4.05 7.34
Q1 2018 - - 1.08 4.00 4.89
Q2 2018 - - 0.67 3.74 8.41
Q3 2018 - - 7.77 3.57 7.23
Q4 2018 - - 17.97 3.41 5.78
Q1 2019 - - 7.95 2.84 5.87
Q2 2019 - - 3.35 2.53 7.41
Q3 2019 - - 8.77 1.89 8.44
Q4 2019 - - 14.13 2.40 6.31
Q1 2020 - - 14.56 2.58 5.45
Q2 2020 - - 11.95 2.80 4.33
Q3 2020 - - 10.17 2.96 5.52
Q4 2020 - - 17.32 2.94 4.49
Q1 2021 - - 16.07 2.70 4.41
Q2 2021 - - 11.88 3.15 4.79
Q3 2021 - - 13.13 2.99 3.04
Q4 2021 - - 25.07 2.96 8.32
Q1 2022 - - 20.03 3.14 3.14
Q2 2022 - - 5.33 3.26 9.25
Q3 2022 - - 7.73 2.98 2.53


Financial Ratios
Current
Market Cap (M Riyal) 656.00
Enterprise Value (EV) (M) 686.31
Shares Outstanding ((M)) 50.00
EPS ( Riyal) (TTM) (1.78)
Book Value (BV) ( Riyal) 8.62
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.52
Return on Average Assets (%) (TTM) (14.99 )
Return on Average Equity (%) (TTM) (17.92 )
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Share Price

Jazan Development and Investment Co.
13.12
0.18 1.39 %

Jazan Development and Investment Co. (JAZADCO)

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