RIYADH: Saudi Arabia’s Jazan Energy and Development Co. has seen its profit soar 123 percent in the first nine months of 2022, buoyed by a rise in sales. The company’s profit more than doubled to SR27 million ($7.2 million) from SR12 million in the same period last year, a bourse filing showed. The Jazan-based firm, better known as Jazadco, reported an 8 percent revenue jump to SR57 million during the first nine months of the year. The company attributed the increase in net profit during the current period to the sale of a fixed asset that generated SR31 million in profit, in spite of the 43 percent decrease in gross profit. In the third quarter, Jazadco suffered losses of SR1.08 million compared to profits of SR2.3 million in the same period of last year. This came as sales dropped 31 percent during the third quarter of 2022, reaching SR13 million. Jazadco noted that sales were down during the quarter, due to the slowdown of exports caused by the Russia-Ukraine crisis.