RIYADH: Saudi Arabia’s Jazan Energy and Development Co. has seen its profit soar 187 percent in the first half of 2022, buoyed by a rise in sales, a bourse filing showed.
With interests that span aquaculture, agriculture, and real estate, the company almost tripled its profit to SR28 million ($7.5 million) from SR9.9 million in the same period last year.
The Jazan-based firm, better known as Jazadco, reported a 3 percent revenue jump to SR44 million, thanks to higher sales from the commercial, real estate, and fruit units.
In the second quarter, it realized a one-off profit of SR31 million from the sale of land in the Khabat Al Falaq area in Jazan.
Jazadco noted that shrimp sales were down 72 percent during the quarter, due to the slowdown of exports caused by the Russia-Ukraine crisis.
