Alasmak widens net losses to SAR 24.1 mln in H1 2020

Saudi Fisheries Co. (Alasmak) widened net losses after Zakat and tax to SAR 24.1 million for H1 2020, from SAR 19.4 million a year earlier.

The increase in net losses came despite an over twofold increase in sales, as the first half included capital hike expenses, higher general and administrative expenses, as well as finance charges. The company also incurred expenses of fishing fleet and farms, due to maintenance and staff appointment.

In Q2 2020, net losses after Zakat and tax also increased by 28.7% to SAR 13.1 million from SAR 10 million in prior-year period, due to the SAR 4.2 million capital hike expenses, higher general and administrative expenses, as well as finance charges. The company also incurred expenses of fishing fleet and farms. Adjusting for the capital hike expenses, the second quarter net losses would drop to SAR 8.9 million.

When compared to the previous quarter, net losses widened by 19% from SAR 11 million.

Accumulated losses reached SAR 73.7 million, or 18.43% of capital in H1 2020.