Riyadh – Mubasher: Jazan Development Co's profits declined 72.4% in 2016, compared to the previous year.
Earnings reached SAR 6.13 million ($1.63 million) in 2016, compared to SAR 22.2 million ($5.92 million) in 2015.
The company attributed the decrease in profits to lower investments, as well as to losses of investments' evaluation in a sister company, according to a bourse statement on Thursday.
Lower sales by 3.4% resulted from lower shrimp sales also contributed to the decline in net profits.
In January, the firm announced achieving SAR 12.3 million in profits in 2016, compared to SAR 22.2 million for 2015, with a 44.4% decrease.
Jazan's board recommended distributing cash dividends on shareholders for 2016 at a total value of SAR 25 million at SAR 0.50 per share, representing 5% of the share's par value.
