Saudi Fisheries trims H1 2023 loss to SAR 4.9 mln; Q2 at SAR 25.5 mln

12/09/2023 Argaam Exclusive
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Saudi Fisheries Co. narrowed H1 2023 net loss to SAR 4.9 million from SAR 7.4 million in the prior-year period.  



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 29.26 27.56 (5.8 %)
Gross Income (3.43) (1.23) 64.2 %
Operating Income (24.93) (23.54) 5.6 %
Net Income (7.37) (12.72) (72.6 %)
Average Shares 6.70 6.70 -
Earnings Per Share before unusual items (Riyals) (1.10) (2.34) (112.9 %)
EPS (Riyals) (1.10) (1.90) (72.6 %)

The lower losses were driven by a drop of nearly 58.5% year-on-year (YoY) in gross loss on an increase in the wholesale sales, which ‎recorded a higher profit margin than farm ‎production.‎

 

The operating profit increased compared to the same period last year, primarily due to the valuation of real estate investments at fair value.

 

This came despite booking a SAR 6 million provision for Zakat assessments from 2011-2016 and 2017-2018.

 

In Q2 2023, the company widened net losses to SAR 25.5 million from SAR 6.98 million in Q2 2022.

 

The company turned to losses from a net profit of SAR 20.55 million in Q1 2023.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 12.28 15.96 30.0 %
Gross Income 6.18 (1.53) (124.8 %)
Operating Income (4.30) (12.65) (194.5 %)
Net Income (6.98) (12.74) (82.5 %)
Average Shares 6.70 6.70 -
Earnings Per Share before unusual items (Riyals) (1.04) (1.01) 3.4 %
EPS (Riyals) (1.04) (1.90) (82.5 %)

Shareholders’ equity, no minority interest, declined to SAR 223.22 million as of June 30, 2023, from SAR 231.56 million a year earlier.

 

Accumulated losses reached SAR 177.16 million as of June 30, 2023, accounting for 44.29% of the company’s capital.

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Share Price

Saudi Fisheries Co.
108.80
(3.80) (3.37 %)

Saudi Fisheries Co. (SFICO)

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Financial Ratios
Current
Market Cap (M Riyal) 728.96
Enterprise Value (EV) (M) 737.38
Shares Outstanding ((M)) 6.70
EPS ( Riyal) (TTM) (13.99)
Book Value (BV) ( Riyal) 10.12
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 10.75
Return on Average Assets (%) (TTM) (37.60 )
Return on Average Equity (%) (TTM) (73.00 )
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