Saudi Fisheries Co. reported a net profit of SAR 899,000 for Q1 2023, versus a net loss of SAR 15.5 million in a prior-year period, driven by higher gross profit due to an increase in the costs of shrimp production, in addition to increased operating profit.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 16.98 | 11.60 | (31.7 %) |
| Gross Income | (9.61) | 0.30 | 103.1 % |
| Operating Income | (20.63) | (10.89) | 47.2 % |
| Net Income | (0.39) | 20.55 | 5398.0 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.01) | 0.51 | 5398.0 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 9.75 | 11.60 | 18.9 % |
| Gross Income | (5.56) | 0.30 | 105.4 % |
| Operating Income | (10.65) | (10.89) | (2.3 %) |
| Net Income | (29.64) | 20.55 | 169.3 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.74) | 0.51 | 169.3 % |
On a sequential basis, the company turned to profit versus net losses of SAR 18.8 million in the year-earlier period.
Shareholders’ equity, no minority interest, reached SAR 203.86 million as of March 31, 2023, compared to SAR 255.75 million in the prior-year period.
Accumulated losses reached SAR 196.52 million as of March 31, 2023, accounting for 49.13% of capital.
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