Saudi Fisheries deepens 2023 loss to SAR 91.4M; Q4 loss at SAR 52.1M

06/05/2024 Argaam Exclusive

View other reports

Saudi Fisheries Co. (Alasmak) widened 2023 net loss by 44.2% to SAR 91.43 million, from SAR 63.4 million a year earlier, on higher costs of the shrimp and fish production ‎farms, losses from fair valuation of biological assets ‎at SAR 33.8 million, in addition to provisions of SAR 22.31 million related to inventory, Zakat, and asset impairment.

Financials (M)

Item	2022	2023	Change‬
Revenues	48.82	52.21	6.9 %
Gross Income	(17.67)	(10.19)	42.4 %
Operating Income	(60.42)	(54.31)	10.1 %
Net Income	(63.39)	(91.44)	(44.2 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	(1.58)	(2.29)	(44.2 %)

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	9.75	9.54	(2.2 %)
Gross Income	(1.96)	(0.07)	96.4 %
Operating Income	(12.43)	(8.15)	34.4 %
Net Income	(29.64)	(45.21)	(52.5 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.74)	(1.13)	(52.5 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	15.11	9.54	(36.9 %)
Gross Income	(7.89)	(0.07)	99.1 %
Operating Income	(25.85)	(8.15)	68.5 %
Net Income	(34.38)	(45.21)	(31.5 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.86)	(1.13)	(31.5 %)

This came despite a 7% revenue increase on higher wholesale sales.

Q4 2023 net loss reached SAR 52.1 million, compared to SAR 29.6 million in a prior-year period.

On a sequential basis, net loss widened from SAR 34.4 million in Q3 2023.

Shareholders’ equity, no minority interest, reached SAR 144.79 million by Dec. 31, 2023, compared to SAR 235.80 million in a prior-year period.

Accumulated losses stood at SAR 256.02 million by Dec. 31, 2023, accounting for 64% of the company’s capital.

View More Financial Results

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×