Saudi Fisheries widens 9M 2023 loss to SAR 39.3 mln; Q3 at SAR 34.4 mln

The company attributed the higher losses to an increase in farm production costs and ‎the loss arising from fair valuation of biological ‎assets.‎ 

‎The operating loss leapt by 17% year-on-year (YoY) during the nine-month period. This was due to ‎recognizing inventory provisions amounting to SAR 9.7 million.‎ 

‎The company recognized a Zakat provision of SAR 6 million for the assessments ‎‎from 2011-2016 and from 2017-2018.  

In Q3 2023, net loss widened to SAR 34.4 million from SAR 26.4 million in Q3 2022 on higher shrimp and ‎fish production costs in the farms, along with the loss ‎arising from the fair valuation of biological ‎assets.‎ 

On a quarterly basis, net losses increased by 34.8% from SAR 25.5 million on increased shrimp and ‎fish production costs in the farms and a 30% sequential rise in operating losses.  

Total shareholders’ equity, after minority interest, dropped to SAR 188.84 million as of Sept. 30, 2023, up from SAR 257.55 million in the prior-year period. 

Accumulated losses amounted to SAR 211.54 million by the end of Sept. 30, 2023, representing 52.89% of the company’s capital.