Saudi Fisheries’ 9M net loss deepens to SAR 48.5M; Q3 loss at SAR 28.7M

20/10/2024 Argaam Exclusive

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Saudi Fisheries Co. (SFICO) reported a net loss of SAR 48.5 million in the first nine months of 2024, compared to SAR 47.1 million in the year earlier period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	42.67	17.56	(58.9 %)
Gross Income	(18.10)	(10.62)	41.3 %
Operating Income	(36.83)	(41.62)	(13.0 %)
Net Income	(47.11)	(48.47)	(2.9 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	(1.18)	(1.21)	(2.9 %)

This was attributed to a 59% year-on-year (YoY) decline in sales on the slump in retail and wholesale segments. The company also cited increased consultancy costs in addition to the previous period's gains from investment properties and other higher income sources.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	15.11	1.85	(87.8 %)
Gross Income	(16.87)	(2.68)	84.1 %
Operating Income	(32.73)	(24.24)	25.9 %
Net Income	(34.38)	(28.70)	16.5 %
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.86)	(0.72)	16.5 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	6.58	1.85	(71.9 %)
Gross Income	(5.15)	(2.68)	47.9 %
Operating Income	(9.82)	(24.24)	(146.9 %)
Net Income	(10.81)	(28.70)	(165.4 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.27)	(0.72)	(165.4 %)

Q3 2024 net loss shrank to SAR 28.7 million from SAR 34.38 million in Q3 2023, due to lower production costs resulting from the absence of production cycles.

On a quarterly basis, net losses widened from SAR 10.8 million in Q2 2024.

Total shareholders’ equity, no minority interest, stood at SAR 67.80 million by Sept. 30, 2024, compared to SAR 188.69 million a year earlier.

Accumulated losses reached SAR 333 million, or 83.25% of capital, by Sept. 30, 2024.

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