Jazan Development Company announces the interim financial results

16/04/2013 09:20 AST

Jazan Development Company announces the interim financial results for the period ending 31/3/2012:

1) Net profit of SR 21,870,793 for the 1st Q2013 compared to net loss of SR 4,047,464 for the 1st 2012, compared to net profit 1,735,556 for the 4Q 2012 with an increase of 1,160%.

2) Gross loss of SR 4,646,594 for the 1st Q 2013 compared to gross loss of SR 3,188,704 for the same period in 2012, with an increase of 46%.

3) Operating loss of SR 8,155,507 for the 1st Q2013, compared to operating loss of SR 6,336,715 for the same period in 2012 with an increase of 29%.

4) The per share profit for the 1st Q 2013 is SR 0.44 versus per share loss of SR 0.08 for the same period in 2012.

5) The reason for the realization of net profit in the 1st quarter of 2013 compared to the net loss in the 1st quarter of 2012 is due to the net profit from investment and other income SR 2,389,251 in the 1st quarter of 2012 versus a net profit from investments and other income of SR 30,126,299 in the 1st quarter of 2013.

6) The reason for the realization of a high net profit in 1st quarter 2013 compared to the 4th quarter 2012 is due to a net profit from investments and other income of SR 30,126,299 in the 1st quarter 2013 compared to a net profit of SR 10,166,808 from investments in the 4th quarter 2012.

7) The reason for the increase of gross and operating losses in the 1st quarter 2013, compared to 1st quarter of the same period last year is due to the loss from shrimp farm resulting from the slowdown of shrimp production of which stocking will start in April 2013.

8) Some figures of 1st quarter 2012 were adjusted for accurate comparison with the 1st quarter 2013 figures.

Tadawul