Financial Results : Saudi Fisheries turns to SAR 9M loss in Q1 2024

Saudi Fisheries turns to SAR 9M loss in Q1 2024

19/05/2024 Argaam Exclusive

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Saudi Fisheries Co. reported a net loss of SAR 9 million for Q1 2024, against a net profit of SAR 20,000 a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 11.60 9.13 (21.3 %)
Gross Income 0.30 (1.96) (753.7 %)
Operating Income (10.89) (8.15) 25.1 %
Net Income 0.02 (8.96) (44885.5 %)
Average Shares 40.00 40.00 -
EPS (Riyals) 0.00 (0.22) (44885.5 %)

The losses were mainly due to a decline in retail segment revenues on the closure of several stores. This was in addition to higher production costs at the farm during the current quarter.

 

Further, Q1 2023 included other income from the expropriation of company buildings by the ‎government in Jeddah, which positively impacted operating ‎profit last period. ‎

 

On a sequential basis, the company widened Q1 2024 loss from SAR 45.21 million in Q4 2023.

 

Total shareholders’ equity, no minority interest, reached SAR 135.83 million as of March 31, 2024, compared to SAR 235.82 million in the prior-year period.

 

Accumulated losses reached SAR 264.98 million as of March 31, 2024, accounting for 66% of capital.

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