Financial Results : Alasmak cuts Q1 2021 net losses to SAR 9.8 mln

Alasmak cuts Q1 2021 net losses to SAR 9.8 mln

10/05/2021 Argaam Exclusive

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Saudi Fisheries Co. (Alasmak) narrowed net losses after Zakat and tax to SAR 9.8 million for Q1 2021, from SAR 11 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 10.24 12.01 17.3 %
Gross Income 3.42 0.41 (88.1 %)
Operating Income (9.74) (10.01) (2.8 %)
Net Income (11.02) (9.75) 11.5 %
Average Shares 21.54 40.00 85.7 %
EPS (Riyals) (0.51) (0.24) 52.3 %

The company reported an increase of 17% year-on-year (YoY) in sales, and lower financing ‎costs, as a result of the bank loan settlement ‎that took place during the month of July 2020.‎

When compared to the previous quarter, net losses decreased by 34.6% from SAR 14.9 million, thanks to an 11% increase in sales, and a decrease in selling, marketing and administrative expenses, as well as Zakat charges.

 

Total accumulated losses amounted to SAR 104.57 million, or 26.14% of capital as of March 31, 2021.

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