Saudi Fisheries widens H1 2024 net loss to SAR 19.7M; Q2 at SAR 10.8M

11/08/2024 Argaam Exclusive

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Saudi Fisheries Co. widened H1 2024 net loss to SAR 19.8 million, from SAR 12.7 million in the year-earlier period, on higher production costs.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	27.56	15.71	(43.0 %)
Gross Income	(1.23)	(7.11)	(478.0 %)
Operating Income	(23.54)	(19.40)	17.6 %
Net Income	(12.72)	(19.77)	(55.4 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.32)	(0.49)	(55.4 %)

H1 2024 sales dropped 43%, primarily due to the decline in the wholesale and retail segments on supply challenges.

The company reported a net loss at SAR 10.8 million for Q2 2024, compared to SAR 12.7 million in Q2 2023, on higher production costs and inclusion of fair value gains from the investment properties.

On a quarterly basis, Saudi Fisheries deepened net losses from SAR 8.96 million in Q1 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	15.96	6.58	(58.8 %)
Gross Income	(1.53)	(5.15)	(236.3 %)
Operating Income	(12.65)	(11.25)	11.1 %
Net Income	(12.74)	(10.81)	15.1 %
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.32)	(0.27)	15.1 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	9.13	6.58	(28.0 %)
Gross Income	(1.96)	(5.15)	(162.5 %)
Operating Income	(8.15)	(11.25)	(37.9 %)
Net Income	(8.96)	(10.81)	(20.7 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.22)	(0.27)	(20.7 %)

Total shareholders’ equity (no minority interest) decreased to SAR 96.50 million by June 30, 2024, compared to SAR 223.07 million in the corresponding period of the year before.

Accumulated losses by June 30, 2024, reached SAR 304.31 million, representing 76% of capital.

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