What was Jazan Development's revenue in Q1 2026?

Revenue reached SAR 39.92 million, up 44.93% from Q1 2025.

Why did net profit decline despite higher revenue?

Due to lower fair value gains from biological asset revaluation, absence of a one-time asset sale gain of SAR 1.25 million, and higher selling and administrative expenses.

What is the auditor's opinion on the company's going concern?

The auditor included a material uncertainty paragraph, noting accumulated losses of SAR 125.66 million and current liabilities exceeding current assets by SAR 104.67 million.

What were shrimp sales in Q1 2026?

Shrimp sales were SAR 35.04 million, up 48.8% from SAR 23.54 million in Q1 2025.

Jazan Development Q1 2026 Net Profit SAR 5.13M, Revenue Up 44.9%

Jazan Development and Investment Co. (6090) posted Q1 2026 net profit of SAR 5.13 million, down 46.8% YoY, as revenue rose 44.93% to SAR 39.92 million on higher shrimp sales. The auditor included a going concern uncertainty paragraph.

Jazan Development and Investment Co. (Tadawul: 6090) reported its interim financial results for the three months ended March 31, 2026, with a net profit of SAR 5.13 million, a 46.8% decline year-on-year. The drop came despite a 44.93% revenue increase to SAR 39.92 million, driven by higher shrimp sales.

Key Financial Results

Metric	Q1 2026	Q1 2025	Change
Revenue	SAR 39.92M	SAR 27.54M	+44.93%
Net Profit	SAR 5.13M	SAR 9.64M	-46.83%
EPS	Not disclosed	Not disclosed	-

Highlights from the Statement

Shrimp Sales: Rose to SAR 35.04 million in Q1 2026 from SAR 23.54 million in Q1 2025, up 48.8%.
Fair Value Gains: Decreased to SAR 8.61 million from SAR 11.94 million.
Absence of One-Time Gain: No asset sale gain of SAR 1.25 million as in Q1 2025.
Higher Expenses: Selling, marketing, and administrative expenses increased.

Quarter-on-quarter, revenue surged 120.8% from Q4 2025 (SAR 18.07 million), and net profit turned positive from a SAR 9.25 million loss, driven by seasonal shrimp harvesting and improved pricing domestically and internationally.

Guidance

The company did not provide numerical guidance but indicated continued improvement in production and cost absorption with harvesting seasons.

Stock Impact

The stock may face selling pressure due to the annual profit decline, but the sequential improvement could limit losses. The auditor's going concern uncertainty may weigh on sentiment.

What This Means for Investors

Investors should monitor the company's ability to improve profit margins despite revenue growth and address accumulated losses that threaten its going concern status.