Saudi Fisheries Co. narrowed H1 2023 net loss to SAR 4.9 million from SAR 7.4 million in the prior-year period.
| 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) | (23.55) | 5.6 % |
| Net Income | (7.37) | (4.95) | 32.9 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.18) | (0.12) | 32.9 % |
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.
| 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) | (25.50) | (265.1 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.17) | (0.64) | (265.1 %) |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 11.60 | 15.96 | 37.6 % |
| Gross Income | 0.30 | (1.53) | (610.3 %) |
| Operating Income | (10.89) | (12.65) | (16.1 %) |
| Net Income | 20.55 | (25.50) | (224.1 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | 0.51 | (0.64) | (224.1 %) |
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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