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Jazan Energy and Development Co. announces its Annual Financial Results for the Period Ending on 2022-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 77,893,693 | 98,509,218 | -20.93 | ||
| Gross Profit (Loss) | 15,791,379 | 40,938,558 | -61.43 | ||
| Operational Profit (Loss) | -15,704,285 | 11,806,308 | - | ||
| Net Profit (Loss) after Zakat and Tax | 17,341,162 | 12,128,716 | 42.98 | ||
| Total Comprehensive Income | 2,988,733 | 18,145,826 | -83.53 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 546,409,584 | 542,582,935 | 0.7 | ||
| Profit (Loss) per Share | 0.33 | 0.23 | |||
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The reason for the increase in net profit is the profits resulting from the sale of a fixed asset (land in the Khabt Al-Falaq region in Jazan) with a profit of 31 million Saudi riyals. The reason for the decrease in revenues by 21% and gross profit by 61% is due to the decrease in shrimp sales due to the global crisis, which affected the movement of exports & imports of shrimp and raw materials, most important of which is Russian Ukrainian crisis, as well as the introduction of new export procedures by the Arab Republic of Egypt which led to a significant decrease in exports. the increase in Costs and selling & marketing expenses due to the decline in sales compared to the previous fiscal year. Due to the aforementioned, the net profit for this year increased by 43% compared to the previous year. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Reclassification of Comparison Items | Some comparative figures for the previous year have been reclassified to conform to the presentation used for the current period. |
| Additional Information | The investment share in Rakhaa Agricultural Investment Company has been proven at a value of 3,548,818 Saudi riyals, according to the latest audited financial statements issued on 18 July 2022 (Note 7). As well as the adjustment of the share of Jazan Energy and Development Company (JAZADCO) share in Tabuk Fish Company shares ("Associate Company"), with the ownership ratio falling from 20% to 10% of the company's capital during the current period (Note 7), as the Group has stopped using the equity method for investment and classified its share in that investment within financial investments at fair value through other comprehensive income (Note 8). The Company announced the approval of the Board of Directors, in connection with which a decision was issued at 4:12 pm on Thursday, 29 December 2022 to permanently suspend the second production line for the 12 liters bottle size of its Drinking Water Bottling Factory. This is due to the market conditions, which caused a reduction in demand, which led to an increase in production costs in return and became economically infeasible. The limited financial impact of this suspension was reflected in the financial statement for the year 2022, with a value of 5,972,564 Saudi riyals (Note 5). |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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