Saudi Fisheries widens net loss to SAR 37.9 mln in 9M 2021

03/11/2021 Argaam Exclusive

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Saudi Fisheries Co. (Alasmak) widened its net loss after Zakat and tax to SAR 37.9 million for the first nine months of 2021, from SAR 26.1 million in the same period a year earlier.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	30.10	33.78	12.3 %
Gross Income	12.71	(2.92)	(123.0 %)
Operating Income	(23.62)	(37.50)	(58.7 %)
Net Income	(26.11)	(37.85)	(45.0 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.65)	(0.95)	(45.0 %)

The company attributed the increase in net loss to the impairment of Hurdiah Farm and higher selling and marketing expenses caused by the increase in bad debt provision and marketing campaign expenses, in addition to the increase in Zakat and other operating expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	9.64	11.97	24.2 %
Gross Income	5.04	(5.28)	(204.9 %)
Operating Income	(6.39)	(18.48)	(189.2 %)
Net Income	(6.17)	(18.46)	(199.4 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.15)	(0.46)	(199.4 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	9.80	11.97	22.2 %
Gross Income	1.96	(5.28)	(369.7 %)
Operating Income	(9.01)	(18.48)	(105.1 %)
Net Income	(9.63)	(18.46)	(91.7 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.24)	(0.46)	(91.7 %)

The company widened its net loss after Zakat and tax to SAR 18.5 million in Q3 2021, compared to SAR 6.2 million in the same quarter last year.

On a quarterly basis, the company widened its losses in Q3 2021 from SAR 9.6 million in Q2 2021.

Accumulated losses stood at SAR 132.665 million as of Sept. 30, 2021, representing 33.17% of the company’s SAR 400 million capital.

Total shareholders’ equity reached SAR 267.173 million at the end of September 2021, declining from SAR 320.106 million in the same period last year.

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