Financial Results : Saudi Fisheries widens 9M 2023 loss to SAR 39.3 mln; Q3 at SAR 34.4 mln

Saudi Fisheries widens 9M 2023 loss to SAR 39.3 mln; Q3 at SAR 34.4 mln

09/11/2023 Argaam Exclusive

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Saudi Fisheries Co. slid into a deeper net loss of SAR 39.3 million in the first nine months of 2023 from SAR 33.8 million a year earlier.  



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 39.07 42.67 9.2 %
Gross Income (15.71) (9.12) 42.0 %
Operating Income (47.99) (49.39) (2.9 %)
Net Income (33.75) (47.11) (39.6 %)
Average Shares 40.00 40.00 -
EPS (Riyals) (0.84) (1.18) (39.6 %)

The company attributed the higher losses to an increase in farm production costs and ‎the loss arising from fair valuation of biological ‎assets.‎ 

 

‎The operating loss leapt by 17% year-on-year (YoY) during the nine-month period. This was due to ‎recognizing inventory provisions amounting to SAR 9.7 million.‎ 

 

‎The company recognized a Zakat provision of SAR 6 million for the assessments ‎‎from 2011-2016 and from 2017-2018.  



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 9.81 15.11 54.1 %
Gross Income (12.28) (7.89) 35.8 %
Operating Income (23.06) (25.85) (12.1 %)
Net Income (26.38) (34.38) (30.3 %)
Average Shares 40.00 40.00 -
EPS (Riyals) (0.66) (0.86) (30.3 %)

In Q3 2023, net loss widened to SAR 34.4 million from SAR 26.4 million in Q3 2022 on higher shrimp and ‎fish production costs in the farms, along with the loss ‎arising from the fair valuation of biological ‎assets.‎ 

 

On a quarterly basis, net losses increased by 34.8% from SAR 25.5 million on increased shrimp and ‎fish production costs in the farms and a 30% sequential rise in operating losses.  

  

Total shareholders’ equity, after minority interest, dropped to SAR 188.84 million as of Sept. 30, 2023, up from SAR 257.55 million in the prior-year period. 

 

Accumulated losses amounted to SAR 211.54 million by the end of Sept. 30, 2023, representing 52.89% of the company’s capital. 

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