Jazan Energy and Development profit quadruples as food sales surge

RIYADH: Jazan Energy and Development Co. said first-quarter net profit increased by 299 percent year on year to SR2.1 million as sales increased led by a 10.3 percent jump in agriculture and aquaculture products.

Revenue rose 2.6 percent year on year to SR23.2 million, a decline of 6.3 percent on the previous quarter, the company said in a filing to the Saudi stock exchange. Real Estate revenue climbed 4.5 percent year on year on an increase in occupancy rates, while industrial sector revenue declined 19 percent because of the coronavirus pandemic.

A decline in sales and marketing costs and a drop in the allowance for doubtful debts allowed for higher profits from the previous quarter even as sales fell. Net profit was 81.3 percent higher compared with the final three months of 2020.