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FinancialNews


  • 29-03-21

    Saudi Jazan-based Company announces profit of USD2.9 M

    (MENAFN)According to a stock exchange filing, the Jazan-based company with interests that span aquaculture, agriculture and real estate, announced a profit of SR10.8 million (USD2.9 million) in 2020 in comparison to a dropp of SR12.9 million a year earlier. Sales increased by 18 percent to SR85 million.

    Jazadco underwent an organizational restructuring in 2020 that witnessed it cut costs and remake its sales and marketing strategy.

    It said in the filing that “The Company has achieved the highest net income since 2015 due to the growth in sales and restructuring.”

    Data from the US National Fisheries Institute’s Global Seafood Marketing Conference stated that Seafood sales continued floating in many markets as people treated themselves to slap up meals at home, regardless of the imposed closure of restaurants worldwide previous year as economies locked down. Shrimp sales increased 35 percent yearly in 2020 to USD4.2 billion.

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