Financial Results : Saudi Fisheries turns to SAR 899,000 profit in Q1 2023

Saudi Fisheries turns to SAR 899,000 profit in Q1 2023

23/05/2023 Argaam Exclusive

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Saudi Fisheries Co. reported a net profit of SAR 899,000 for Q1 2023, versus a net loss of SAR 15.5 million in a prior-year period, driven by higher gross profit due to an ‎increase in the costs of shrimp production, in addition to increased operating profit.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 16.98 11.60 (31.7 %)
Gross Income (9.61) 0.30 103.1 %
Operating Income (20.63) (10.89) 47.2 %
Net Income (0.39) 0.02 105.2 %
Average Shares 40.00 40.00 -
EPS (Riyals) (0.01) 0.00 105.2 %

On a sequential basis, the company turned to profit versus net losses of SAR 18.8 million in Q4 2022.

 

Shareholders’ equity, no minority interest, reached SAR 203.86 million as of March 31, 2023, compared to SAR 255.75 million in the prior-year period.

 

Accumulated losses reached SAR 196.52 million as of March 31, 2023, accounting for 49.13% of capital.

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