Saudi Fisheries deepens losses to SAR 23.5 mln in H1 2022; Q2 at SAR 8 mln

22/08/2022 Argaam Exclusive

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Saudi Fisheries Co. widened net losses after Zakat and tax to SAR 23.5 million in H1 2022, compared to SAR 19.4 million in the year-ago period, mainly due to the increased production costs at the shrimp farm.

However, the company noted 34% year-on-year (YoY) growth in sales.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	21.81	29.26	34.1 %
Gross Income	2.36	(3.43)	(245.2 %)
Operating Income	(19.02)	(24.93)	(31.1 %)
Net Income	(19.38)	(7.37)	62.0 %
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.48)	(0.18)	62.0 %

In Q2 2022, net loss after Zakat and tax narrowed 16.7% YoY to SAR 8 million, as sales rose 25% YoY. In addition, the company noted better control on the cost of revenue.

On a sequential basis, Q2 net loss nearly halved from SAR 15.5 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	9.80	12.28	25.3 %
Gross Income	1.96	6.18	215.2 %
Operating Income	(9.01)	(4.30)	52.3 %
Net Income	(9.63)	(6.98)	27.5 %
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.24)	(0.17)	27.5 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	16.98	12.28	(27.7 %)
Gross Income	(9.61)	6.18	164.3 %
Operating Income	(20.63)	(4.30)	79.2 %
Net Income	(0.39)	(6.98)	(1,700.4 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.01)	(0.17)	(1,700.4 %)

Shareholders’ equity, after minority interest, stood at SAR 247.730 million as of June 30, 2022, compared to SAR 271.269 million a year earlier.

Accumulated losses amounted to SAR 152.166 million as of June 30, 2022, representing 38% of the company's capital.

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