Alasmak deepens net losses to SAR 30.3 mln in 9M 2020

22/10/2020 Argaam Exclusive

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Saudi Fisheries Co. (Alasmak) widened net loss after Zakat and tax to SAR 30.3 million for the first nine months of 2020, from SAR 29.6 million a year earlier.

Despite the growth of 89% in sales, higher losses were reported as the current period included capital hike expenses, in addition to higher expenses of Zakat, and fishing fleet and farms.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	15.97	30.10	88.5 %
Gross Income	4.34	12.71	192.6 %
Operating Income	(26.13)	(23.62)	9.6 %
Net Income	(29.57)	(26.11)	11.7 %
Average Shares	21.54	40.00	85.7 %
EPS (Riyals)	(1.37)	(0.65)	52.5 %

In Q3 2020, net loss after Zakat and tax narrowed by 39.1% year-on-year (YoY) to SAR 6.2 million from SAR 10.1 million in Q3 2019.

The decrease in Q3 2020’s net losses was due to a 56% rise in sales and improved gross profit resulting from lower sales and financing costs following the repayment of Banque Saudi Fransi loan in Q2 2020.

When compared to the previous quarter, net losses shrank by 53% from SAR 13.1 million.

Accumulated losses reached SAR 79.901 million, or 19.98% of capital in 9M 2020.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	6.18	9.64	55.9 %
Gross Income	1.72	5.04	192.3 %
Operating Income	(8.70)	(6.39)	26.5 %
Net Income	(10.13)	(6.17)	39.1 %
Average Shares	21.54	40.00	85.7 %
EPS (Riyals)	(0.47)	(0.15)	67.2 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	10.22	9.64	(5.7 %)
Gross Income	4.26	5.04	18.3 %
Operating Income	(7.50)	(6.39)	14.8 %
Net Income	(8.93)	(6.17)	30.9 %
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.22)	(0.15)	30.9 %

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