Riyadh – Mubasher: Jazan Energy and Development Company (Jazadco) turned profitable in the second quarter (Q2) of 2020, with SAR 661,062 in net profits, versus SAR 1.77 million in net losses during the same period in 2019.
The move to profits was supported by a 43.68% growth in sales, coupled with the adoption of some measures with the aim to raise performance efficacy, according to a stock exchange disclosure on Monday.
Additionally, Jazadco implemented some initiatives to reduce operating expenses.
Revenues increased to SAR 19.1 million during the April-June period in 2020, compared to SAR 13.3 million in the prior-year period.
In the first half (H1), the company generated profits of SAR 1.18 million, against losses of SAR 7 million in H1-19.
