Alasmak widens net losses to SAR 45.2 mln in 2020

11/03/2021 Argaam Exclusive

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Saudi Fisheries Co. (Alasmak) widened net loss after Zakat and tax by 36.9% to SAR 45.2 million in 2020, from SAR 33 million a year earlier, due to higher expenses.

The company reported an increase in the rights issue expenses of SAR 4.2 million.

Farm expenses also rose, due to reactivating the operations of the aquaculture business unit in Al-Hurairah. The fishing fleet expenses increased by SAR 1.5 million, on reactivating operations.

Moreover, the company recorded an increase in Zakat expenses to counter the Zakat assessments recently received from the General Authority of Zakat and Tax (GAZT) as well as higher selling, marketing and administrative expenses.

Financials (M)

Item	2019	2020	Change‬
Revenues	25.33	40.95	61.7 %
Gross Income	6.91	2.35	(65.9 %)
Operating Income	(32.21)	(36.72)	(14.0 %)
Net Income	(33.03)	(40.65)	(23.1 %)
Average Shares	21.54	40.00	85.7 %
EPS (Riyals)	(1.53)	(1.02)	33.7 %

In Q4 2020, the company deepened its net loss after Zakat and tax to SAR 14.9 million from SAR 3.46 million in Q4 2019.

Total shareholders’ equity, excluding minority interest, increased five times year-on-year to SAR 305.021 million in 2020.

Accumulated losses reached SAR 94.816 million, or 23.70% of capital as of Dec. 31, 2020.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	9.37	10.85	15.9 %
Gross Income	2.57	(10.36)	(503.8 %)
Operating Income	(6.08)	(13.09)	(115.3 %)
Net Income	(3.46)	(14.54)	(320.4 %)
Average Shares	21.54	40.00	85.7 %
EPS (Riyals)	(0.16)	(0.36)	(126.4 %)

Item	Q3 2020	Q4 2020	Change‬
Revenues	9.64	10.85	12.6 %
Gross Income	5.04	(10.36)	(305.7 %)
Operating Income	(6.39)	(13.09)	(104.9 %)
Net Income	(6.17)	(14.54)	(135.8 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.15)	(0.36)	(135.8 %)

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