Saudi Fisheries deepens 2023 loss to SAR 91.4M; Q4 loss at SAR 52.1M

06/05/2024 Argaam Exclusive

Saudi Fisheries Co. (Alasmak) widened 2023 net loss by 44.2% to SAR 91.43 million, from SAR 63.4 million a year earlier, on higher costs of the shrimp and fish production ‎farms, losses from fair valuation of biological assets ‎at SAR 33.8 million, in addition to provisions of SAR 22.31 million related to inventory, Zakat, and asset impairment.



Financials (M)

Item 2022 2023 Change‬
Revenues 48.82 52.21 6.9 %
Gross Income (17.67) (10.19) 42.4 %
Operating Income (60.42) (54.31) 10.1 %
Net Income (63.39) (91.44) (44.2 %)
Average Shares 40.00 40.00 -
EPS (Riyals) (1.58) (2.29) (44.2 %)


Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 9.75 9.54 (2.2 %)
Gross Income (1.96) (0.07) 96.4 %
Operating Income (12.43) (8.15) 34.4 %
Net Income (29.64) (45.21) (52.5 %)
Average Shares 40.00 40.00 -
EPS (Riyals) (0.74) (1.13) (52.5 %)

This came despite a 7% revenue increase on higher wholesale sales.

 

Q4 2023 net loss reached SAR 52.1 million, compared to SAR 29.6 million in a prior-year period.

 

On a sequential basis, net loss widened from SAR 34.4 million in Q3 2023.

Shareholders’ equity, no minority interest, reached SAR 144.79 million by Dec. 31, 2023, compared to SAR 235.80 million in a prior-year period.
 
Accumulated losses stood at SAR 256.02 million by Dec. 31, 2023, accounting for 64% of the company’s capital.

 

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Share Price

Saudi Fisheries Co.
23.64
(0.14) (0.59 %)

Saudi Fisheries Co. (SFICO)

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Financial Ratios
Current
Market Cap (M Riyal) 945.60
Enterprise Value (EV) (M) 954.02
Shares Outstanding ((M)) 40.00
EPS ( Riyal) (TTM) (2.34)
Book Value (BV) ( Riyal) 1.70
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 13.95
Return on Average Assets (%) (TTM) (37.60 )
Return on Average Equity (%) (TTM) (73.00 )
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