Saudi Fisheries widens 9M 2022 loss to SAR 49.9 mln; Q3 at SAR 26.4 mln

09/11/2022 Argaam Exclusive

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Saudi Fisheries Co. (Alasmak) slipped into a deeper net loss after Zakat and tax of SAR 49.9 million in the first nine months of 2022, compared to SAR 37.9 million in the year-ago period, mainly due to the increased production costs in the shrimp farm and lower survival rates.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	33.78	39.07	15.6 %
Gross Income	(2.92)	(15.71)	(437.9 %)
Operating Income	(37.50)	(47.99)	(28.0 %)
Net Income	(37.85)	(33.75)	10.8 %
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.95)	(0.84)	10.8 %

The longer harvest cycles and variable costs hiked up the overall production cost. On the other hand, sales jumped 16% year-on-year (YoY).

In Q3 2022, the company widened its net loss after Zakat and tax by 42.9% to SAR 26.4 million, from SAR 18.46 million in Q3 2021 on an 18% YoY drop in sales, along with an increase in production costs of the second shrimp cycle.

Further, food consumption rates (FCR) pushed shrimp costs higher.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	11.97	9.81	(18.1 %)
Gross Income	(5.28)	(12.28)	(132.3 %)
Operating Income	(18.48)	(23.06)	(24.8 %)
Net Income	(18.46)	(26.38)	(42.9 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.46)	(0.66)	(42.9 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	12.28	9.81	(20.1 %)
Gross Income	6.18	(12.28)	(298.8 %)
Operating Income	(4.30)	(23.06)	(437.0 %)
Net Income	(6.98)	(26.38)	(277.7 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.17)	(0.66)	(277.7 %)

In Q2 2022, the company incurred a net loss of SAR 8 million.

Total shareholders’ equity, after minority interest, decreased to SAR 221.351 million as of Sept. 30, 2022, from SAR 271.269 million a year earlier.

Accumulated losses amounted to SAR -178.546 million as of Sept. 30, 2022, representing -44.63% of the company's capital.

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