Saudi Jazadco profits jump 76% as sales rise

RIYADH: Jazan Energy and Development Co. has posted a 76 percent rise in profit to SR3.56 million ($950,293) in the first quarter of 2022.

Traded in the name of Jazadco, the Saudi-listed firm saw its profit jump from SR2 million reported in the first quarter of 2021, according to a bourse filing.

The rise in profits resulted from a 14 percent increase in sales, where both agricultural and aquaculture sectors grew by 25 percent.

The company’s revenues in the real estate sector increased by 16 percent as occupancy rates improved in the first quarter.