Saudi Fisheries narrows net loss to SAR 33 mln in FY19

31/03/2020 Argaam Exclusive

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Saudi Fisheries Co. (Alasmak) narrowed net loss after Zakat and tax by 11.33% year-on-year (YoY) to SAR 33 million for the fiscal year 2019, compared to SAR 37.3 million in the year-earlier period.

Financials (M)

Item	2018	2019	Change‬
Revenues	21.42	25.33	18.3 %
Gross Income	6.16	6.91	12.2 %
Operating Income	(32.87)	(32.21)	2.0 %
Net Income	(37.25)	(33.03)	11.3 %
Average Shares	21.54	21.54	-
EPS (Riyals)	(1.73)	(1.53)	11.3 %

The decline in losses was attributed to higher sales and profit margins, and decrease in factory and farm expenses by 57% and 23%, respectively.

In addition, the reassessment of Zakat provisions and spare parts inventory also had a positive impact.

In Q4 2019, the company’s net loss after Zakat and tax narrowed by 78% of SAR 3.5 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2018	Q4 2019	Change‬
Revenues	5.57	9.37	68.3 %
Gross Income	1.97	2.57	30.0 %
Operating Income	(12.37)	(6.08)	50.8 %
Net Income	(15.77)	(3.46)	78.1 %
Average Shares	21.54	21.54	-
EPS (Riyals)	(0.73)	(0.16)	78.1 %

Item	Q3 2019	Q4 2019	Change‬
Revenues	6.18	9.37	51.5 %
Gross Income	1.72	2.57	48.9 %
Operating Income	(8.70)	(6.08)	30.0 %
Net Income	(10.13)	(3.46)	65.9 %
Average Shares	21.54	21.54	-
EPS (Riyals)	(0.47)	(0.16)	65.9 %

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