Saudi Fisheries widens 2022 net loss to SAR 68.8 mln, Q4 at SAR 18.9 mln

29/03/2023 Argaam Exclusive

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Saudi Fisheries Co. widened 2022 net loss to SAR 68.8 million, compared to SAR 34.2 million in the year earlier period.

Financials (M)

Item	2021	2022	Change‬
Revenues	47.59	48.82	2.6 %
Gross Income	4.77	(17.67)	(470.7 %)
Operating Income	(45.70)	(60.42)	(32.2 %)
Net Income	(34.19)	(63.39)	(85.4 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.85)	(1.58)	(85.4 %)

This was driven by higher cost of sales due to an increase in fixed and variable operating and production costs. The company also cited a SAR 3.5 million loss from an asset evaluation.

This was offset by higher revenue, lower general and administrative expenses and an increase in other revenue.

Saudi Fisheries incurred Q4 2022 net loss at SAR 18.9 million, versus a net profit of SAR 3.66 million in the year earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	13.80	9.75	(29.4 %)
Gross Income	7.69	(1.96)	(125.6 %)
Operating Income	(8.21)	(12.43)	(51.5 %)
Net Income	3.66	(29.64)	(909.2 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.09	(0.74)	(909.2 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	9.81	9.75	(0.6 %)
Gross Income	(12.28)	(1.96)	84.0 %
Operating Income	(23.06)	(12.43)	46.1 %
Net Income	(26.38)	(29.64)	(12.4 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.66)	(0.74)	(12.4 %)

On a quarterly basis, the company trimmed net loss from SAR 26.38 million in Q3 2022.

Total shareholders’ equity, no minority interest, stood at SAR 202.96 million by Dec. 31, 2022, compared to SAR 271.26 million a year earlier.

Accumulated losses reached SAR 197 million by Dec. 31, 2022, or 49.3% of capital.

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