Alasmak widens net losses to SAR 24.1 mln in H1 2020

24/08/2020 Argaam Exclusive

View other reports

Saudi Fisheries Co. (Alasmak) widened net losses after Zakat and tax to SAR 24.1 million for H1 2020, from SAR 19.4 million a year earlier.

The increase in net losses came despite an over twofold increase in sales, as the first half included capital hike expenses, higher general and administrative expenses, as well as finance charges. The company also incurred expenses of fishing fleet and farms, due to maintenance and staff appointment.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	9.78	20.46	109.1 %
Gross Income	2.62	7.67	192.8 %
Operating Income	(17.44)	(17.23)	1.2 %
Net Income	(19.44)	(19.94)	(2.6 %)
Average Shares	21.54	40.00	85.7 %
EPS (Riyals)	(0.90)	(0.50)	44.8 %

In Q2 2020, net losses after Zakat and tax also increased by 28.7% to SAR 13.1 million from SAR 10 million in prior-year period, due to the SAR 4.2 million capital hike expenses, higher general and administrative expenses, as well as finance charges. The company also incurred expenses of fishing fleet and farms. Adjusting for the capital hike expenses, the second quarter net losses would drop to SAR 8.9 million.

When compared to the previous quarter, net losses widened by 19% from SAR 11 million.

Accumulated losses reached SAR 73.7 million, or 18.43% of capital in H1 2020.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	4.47	10.22	128.4 %
Gross Income	1.30	4.26	228.7 %
Operating Income	(8.66)	(7.50)	13.4 %
Net Income	(10.19)	(8.93)	12.4 %
Average Shares	21.54	40.00	85.7 %
EPS (Riyals)	(0.47)	(0.22)	52.8 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	10.24	10.22	(0.2 %)
Gross Income	3.42	4.26	24.6 %
Operating Income	(9.74)	(7.50)	23.0 %
Net Income	(11.02)	(8.93)	19.0 %
Average Shares	21.54	40.00	85.7 %
EPS (Riyals)	(0.51)	(0.22)	56.4 %

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×