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Jazan Development Q4 profit climbs 83.8% YOY

Jazan Development Co. said its fourth-quarter normalized net income amounted to 16 halalas per share, a gain of 83.8% from 9 halalas per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 7.8 million riyals, a gain of 83.8% from 4.3 million riyals in the prior-year period.

The normalized profit margin increased to 22.1% from 17.6% in the year-earlier period.

Total revenue increased 46.6% on an annual basis to 35.3 million riyals from 24.1 million riyals, and total operating expenses rose 39.6% year over year to 26.2 million riyals from 18.7 million riyals.

Reported net income rose year over year to 11.3 million riyals, or 23 halalas per share, from 5.2 million riyals, or 10 halalas per share.

For the year, the company's normalized net income totaled 30 halalas per share, a gain from 12 halalas per share in the prior year.

Normalized net income was 14.8 million riyals, a rise from 6.1 million riyals in the prior year.

Full-year total revenue rose 38.7% from the prior-year period to 90.4 million riyals from 65.2 million riyals, and total operating expenses increased 19.4% on an annual basis to 74.1 million riyals from 62.1 million riyals.

The company said reported net income increased on an annual basis to 22.2 million riyals, or 44 halalas per share, in the full year, from 7.9 million riyals, or 16 halalas per share.

As of Feb. 22, US$1 was equivalent to 3.75 Saudi Arabian riyals.