Saudi Fisheries trims H1 2023 loss to SAR 4.9 mln; Q2 at SAR 25.5 mln

12/09/2023 Argaam Exclusive

View other reports

Saudi Fisheries Co. narrowed H1 2023 net loss to SAR 4.9 million from SAR 7.4 million in the prior-year period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	29.26	27.56	(5.8 %)
Gross Income	(3.43)	(1.23)	64.2 %
Operating Income	(24.93)	(23.54)	5.6 %
Net Income	(7.37)	(12.72)	(72.6 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.18)	(0.32)	(72.6 %)

The lower losses were driven by a drop of nearly 58.5% year-on-year (YoY) in gross loss on an increase in the wholesale sales, which ‎recorded a higher profit margin than farm ‎production.‎

The operating profit increased compared to the same period last year, primarily due to the valuation of real estate investments at fair value.

This came despite booking a SAR 6 million provision for Zakat assessments from 2011-2016 and 2017-2018.

In Q2 2023, the company widened net losses to SAR 25.5 million from SAR 6.98 million in Q2 2022.

The company turned to losses from a net profit of SAR 20.55 million in Q1 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	12.28	15.96	30.0 %
Gross Income	6.18	(1.53)	(124.8 %)
Operating Income	(4.30)	(12.65)	(194.5 %)
Net Income	(6.98)	(12.74)	(82.5 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.17)	(0.32)	(82.5 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	11.60	15.96	37.6 %
Gross Income	0.30	(1.53)	(610.3 %)
Operating Income	(10.89)	(12.65)	(16.1 %)
Net Income	0.02	(12.74)	(63819.5 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.00	(0.32)	(63819.5 %)

Shareholders’ equity, no minority interest, declined to SAR 223.22 million as of June 30, 2023, from SAR 231.56 million a year earlier.

Accumulated losses reached SAR 177.16 million as of June 30, 2023, accounting for 44.29% 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.

×