Saudi Fisheries Co. narrowed net losses to SAR 19.4 million in H1 2021, compared to SAR 19.9 million in the year-ago period.
The company attributed the improved results to a 54% rise in gross profit, higher sales and lower costs, coupled with a decline in finance charges on repayment of bank loan in July 2020.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Revenues | 20.46 | 21.81 | 6.6 % |
| Gross Income | 7.67 | 2.36 | (69.2 %) |
| Operating Income | (17.23) | (19.02) | (10.4 %) |
| Net Income | (19.94) | (19.38) | 2.8 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.50) | (0.48) | 2.8 % |
The company’s widened net losses to SAR 9.63 million in Q2 2021, from SAR 9.93 million in the year-earlier period due to higher selling and marketing expenses, bad debt provision, as well as marketing and Zakat expenses.
On a sequential basis, Q2 net loss widened marginally.
| Item | Q2 2020 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 10.22 | 9.80 | (4.1 %) |
| Gross Income | 4.26 | 1.96 | (54.0 %) |
| Operating Income | (7.50) | (9.01) | (20.2 %) |
| Net Income | (8.93) | (9.63) | (7.9 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.22) | (0.24) | (7.9 %) |
| Item | Q1 2021 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 12.01 | 9.80 | (18.4 %) |
| Gross Income | 0.41 | 1.96 | 383.7 % |
| Operating Income | (10.01) | (9.01) | 10.0 % |
| Net Income | (9.75) | (9.63) | 1.2 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.24) | (0.24) | 1.2 % |
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