Saudi Fisheries narrows loss to SAR 34.2 mln in 2021, Q4 profit at SAR 3.7 mln

22/03/2022 Argaam Exclusive

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Saudi Fisheries Co. narrowed its net loss after Zakat and tax to SAR 34.2 million in 2021, compared to SAR 40.7 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	40.95	47.59	16.2 %
Gross Income	2.35	4.77	102.5 %
Operating Income	(36.72)	(45.70)	(24.5 %)
Net Income	(40.65)	(34.19)	15.9 %
Average Shares	40.00	40.00	-
EPS (Riyals)	(1.02)	(0.85)	15.9 %

The lower losses were driven by a 16% rise in sales year-on-year (YoY) due to resumption of operations at the shrimp farms in Al-Huraidah. In addition, the cost of sales decreased and other income increased YoY.

The company turned to a net profit after Zakat and tax of SAR 3.7 million in Q4 2021, from a net loss after Zakat and tax of SAR 14.5 million in Q4 2020.

Sequentially, Saudi Fisheries swung to aprofit from a loss of SAR 18.5 million in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	10.85	13.80	27.2 %
Gross Income	(10.36)	7.69	174.2 %
Operating Income	(13.09)	(8.21)	37.3 %
Net Income	(14.54)	3.66	125.2 %
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.36)	0.09	125.2 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	11.97	13.80	15.3 %
Gross Income	(5.28)	7.69	245.5 %
Operating Income	(18.48)	(8.21)	55.6 %
Net Income	(18.46)	3.66	119.8 %
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.46)	0.09	119.8 %

Total shareholders’ equity, excluding minority interest, rose to SAR 271.269 million in 2021 from SAR 305.395 million in the year-earlier period.

Accumulated losses at the end of the current period amounted to SAR 128.6 million, or 32.15% of the company’s capital.

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