Jazan Energy and Development Co. announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )
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Element List
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Current Quarter
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Similar quarter for previous year
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%Change
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Previous Quarter
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% Change
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Sales/Revenue
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19,155,605
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18,648,714
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2.718
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19,821,030
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-3.357
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Gross Profit (Loss)
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8,888,810
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11,939,192
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-25.549
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15,216,200
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-41.583
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Operational Profit (Loss)
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2,669,188
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8,973,263
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-70.253
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8,263,085
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-67.697
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Net Profit (Loss) after Zakat and Tax
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2,258,475
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8,446,606
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-73.261
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7,852,372
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-71.238
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Total Comprehensive Income
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2,037,609
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8,446,606
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-75.876
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8,100,284
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-74.845
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All figures are in (Actual) Saudi Arabia, Riyals
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Element List
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Current Period
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Similar period for previous year
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%Change
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Sales/Revenue
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62,153,572
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60,325,605
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3.03
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Gross Profit (Loss)
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30,603,901
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27,020,368
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13.262
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Operational Profit (Loss)
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13,538,332
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11,498,832
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17.736
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Net Profit (Loss) after Zakat and Tax
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12,206,331
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9,631,277
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26.736
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Total Comprehensive Income
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12,391,139
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9,848,630
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25.815
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Total Share Holders Equity (after Deducting Minority Equity)
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536,375,390
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523,972,624
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2.367
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Profit (Loss) per Share
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0.24
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0.19
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All figures are in (Actual) Saudi Arabia, Riyals
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Accumulated Losses
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Capital
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Percentage %
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46,034,604
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500,000,000
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9.2
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All figures are in (Actual) Saudi Arabia, Riyals
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Element List
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Explanation
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The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is
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The increase in profits is related to the growth in sales by 3.03%, as the agricultural & the aquaculture sectors sales grew by 5.4%, supported by an increase in sales of shrimp and fruits. Furthermore, revenues from Real estate operation rose by 8.5% as a result of an increase in the occupancy rate, while the sales of the industrial sector (water factory) declined by 6%. The increase in net profits is led by the increase of the gain on revaluation of vital assets, as a result of the company's plan to increase the productivity force in the shrimp farm in addition to the reduction in cost of revenue, which contributed in a higher gross profit by 13.26% as a result of a higher efficiency and reduction in operating costs in the agricultural sector. Furthermore, the performance improvement of the associates and subsidiaries has also contributed to the increase in net profits. Therefore, all the aforementioned reasons contributed to the growth of net profits for this quarter compared to the same quarter from the previous year.
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The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is
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The reason for the increase in net profits during the current quarter compared to the previous quarter despite the decrease in sales is due to the increase of the gain on revaluation of vital assets, as a result of the company's plan to increase the productivity force in the shrimp farm in addition the reduction in the cost of sales as a result of the decrease in the cost of sales in the current quarter at the cost of outstanding shrimp stock (livestock).
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The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is
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The reason for the increase in net profits during the current period compared to the same period of the previous year is due to an increase in sales by 3.03%, in addition to the measures taken to restructure the company's sectors, which had an impact on raising the efficiency of performance. A number of initiatives were also implemented to reduce operational costs, which had a positive impact on achieving profits during the current period.
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Statement of the type of external auditor's report
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Emphasis of matter
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Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion
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Without modifying our conclusion, we would like to draw attention to what is detailed in Note No. (22) of the supplementary notes to the condensed consolidated interim financial statements, as the comparative figures for the financial period ended on 30 September 2020 represent the financial statements numbers of the parent company without consolidation with its subsidiary, As Mango Jazan Trading Company was acquired on 26 February 2020, and the first financial statements according to the company's articles of association dated 31 December 2020. Therefore, the first consolidated financial statements of the group were issued on 31 December 2020.
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Reclassification of Comparison Items
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Some comparative figures for the previous year have been reclassified to conform to the presentation used for the current period.
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The Capital Market Authority and the Saudi Stock 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.
Jazan Development Co. SJSC