Financial Results : Saudi Fisheries widens losses to SAR 11 mln in Q1 2020

Saudi Fisheries widens losses to SAR 11 mln in Q1 2020

21/06/2020 Argaam Exclusive

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Saudi Fisheries Co. (Alasmak) reported a net loss of SAR 11 million for the first quarter of 2020, from a loss of SAR 9.2 million in the same period last year.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 5.31 10.24 92.9 %
Gross Income 0.78 3.42 336.4 %
Operating Income (8.78) (9.74) (10.9 %)
Net Income (9.25) (11.02) (19.1 %)
Average Shares 21.54 21.54 -
EPS (Riyals) (0.43) (0.51) (19.1 %)

The increase in net losses was attributed to higher general and administrative expenses, higher financing costs, fishing fleet and farms expenses.

 

When compared to previous quarter’s losses of SAR 3.46 million, net losses widened due to an exceptional reduction in expenses in Q4 2019 resulting from the revaluation of Zakat provision and spare parts inventory as well as the reversal of provision for board members and board committees’ members remunerations.

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