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

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

12/09/2023 Argaam Exclusive

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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 6.70 6.70 -
Earnings Per Share before unusual items (Riyals) (1.10) (2.34) (112.9 %)
EPS (Riyals) (1.10) (1.90) (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 6.70 6.70 -
Earnings Per Share before unusual items (Riyals) (1.04) (1.01) 3.4 %
EPS (Riyals) (1.04) (1.90) (82.5 %)

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.

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Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2014 (10.32) (18.2 %) (2.86) - (10.32) (2.86)
Q2 2014 (13.77) 1.9 % (3.82) - (13.77) (3.82)
Q3 2014 (10.62) (8.5 %) (2.94) - (10.62) (2.94)
Q4 2014 (11.72) 28.6 % (3.25) - (11.72) (3.25)
Q1 2015 (10.99) (6.5 %) (3.05) - (10.99) (3.05)
Q2 2015 (9.82) 28.7 % (2.72) - (9.82) (2.72)
Q3 2015 (16.88) (58.9 %) (4.68) - (16.88) (4.68)
Q4 2015 (13.56) (15.7 %) (3.76) - (13.56) (3.76)
Q1 2016 (10.22) 7.0 % (2.83) - (10.22) (2.83)
Q2 2016 (9.66) 1.6 % (2.68) - (9.66) (2.68)
Q3 2016 (9.89) 41.4 % (2.74) - (9.89) (2.74)
Q4 2016 (12.32) 9.2 % (3.41) - (12.32) (3.41)
Q1 2017 (9.23) 9.7 % (2.56) - (9.23) (2.56)
Q2 2017 (9.28) 3.9 % (2.57) - (9.28) (2.57)
Q3 2017 (7.99) 19.2 % (2.21) - (7.99) (2.21)
Q4 2017 (14.35) (16.5 %) (3.98) (4.91) (9.45) (2.62)
Q1 2018 (5.99) 35.1 % (1.66) - (5.99) (1.66)
Q2 2018 (6.77) 27.1 % (1.88) - (6.77) (1.88)
Q3 2018 (8.73) (9.2 %) (2.42) - (8.73) (2.42)
Q4 2018 (15.76) (9.8 %) (4.37) - (15.76) (4.37)
Q1 2019 (9.25) (54.3 %) (2.56) - (9.25) (2.56)
Q2 2019 (10.19) (50.6 %) (2.83) - (10.19) (2.83)
Q3 2019 (10.13) (16.1 %) (2.81) - (10.13) (2.81)
Q4 2019 (3.46) 78.1 % (0.96) - (3.46) (0.96)
Q1 2020 (11.02) (19.1 %) (3.05) - (11.02) (3.05)
Q2 2020 (8.93) 12.4 % (1.33) - (8.93) (1.33)
Q3 2020 (6.17) 39.1 % (0.92) - (6.17) (0.92)
Q4 2020 (14.54) (320.4 %) (2.17) 0.50 (15.04) (2.25)
Q1 2021 (9.75) 11.5 % (1.46) - (9.75) (1.46)
Q2 2021 (9.63) (7.9 %) (1.44) - (9.63) (1.44)
Q3 2021 (18.46) (199.4 %) (2.76) - (18.46) (2.76)
Q4 2021 3.66 125.2 % 0.55 - 3.66 0.55
Q1 2022 (0.39) 96.0 % (0.06) - (0.39) (0.06)
Q2 2022 (6.98) 27.5 % (1.04) - (6.98) (1.04)
Q3 2022 (26.38) (42.9 %) (3.94) - (26.38) (3.94)
Q4 2022 (29.64) (909.2 %) (4.42) (4.84) (24.80) (3.70)
Q1 2023 0.02 105.2 % 0.00 8.97 (8.95) (1.34)
Q2 2023 (12.74) (82.5 %) (1.90) (6.00) (6.74) (1.01)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 22.74 8.3 % (0.01) (100.2 %) (8.59) (6.4 %)
Q2 2014 18.43 (0.2 %) (4.11) (2.9 %) (13.04) (10.1 %)
Q3 2014 17.31 (1.7 %) 0.95 140.2 % (8.55) 4.2 %
Q4 2014 21.43 4.8 % 0.37 (86.1 %) (11.78) 17.3 %
Q1 2015 24.43 7.5 % 0.32 4075.0 % (9.02) (5.0 %)
Q2 2015 21.00 13.9 % 0.78 118.9 % (8.03) 38.4 %
Q3 2015 18.69 7.9 % (6.53) (789.7 %) (14.96) (75.0 %)
Q4 2015 19.26 (10.1 %) (2.08) (667.6 %) (11.49) 2.4 %
Q1 2016 19.48 (20.3 %) 0.34 6.0 % (8.44) 6.4 %
Q2 2016 16.88 (19.6 %) 0.68 (12.5 %) (8.17) (1.7 %)
Q3 2016 12.73 (31.9 %) (0.15) 97.7 % (8.94) 40.3 %
Q4 2016 11.17 (42.0 %) (2.21) (6.1 %) (11.61) (1.0 %)
Q1 2017 10.97 (43.7 %) 0.04 (88.1 %) (7.59) 10.1 %
Q2 2017 7.74 (54.2 %) (0.75) (209.2 %) (8.16) 0.1 %
Q3 2017 7.69 (39.6 %) (0.68) (350.7 %) (7.91) 11.4 %
Q4 2017 9.16 (18.0 %) (1.00) 54.9 % (9.70) 16.4 %
Q1 2018 7.37 (32.8 %) (0.17) (527.5 %) (6.16) 18.8 %
Q2 2018 4.72 (38.9 %) 0.80 207.8 % (6.79) 16.9 %
Q3 2018 3.76 (51.1 %) 0.84 223.7 % (7.50) 5.2 %
Q4 2018 5.57 (39.2 %) 1.97 297.9 % (12.37) (27.5 %)
Q1 2019 5.31 (28.0 %) 0.78 557.9 % (8.78) (42.5 %)
Q2 2019 4.47 (5.3 %) 1.30 61.3 % (8.66) (27.6 %)
Q3 2019 6.18 64.5 % 1.72 106.1 % (8.70) (15.9 %)
Q4 2019 9.37 68.3 % 2.57 30.0 % (6.08) 50.8 %
Q1 2020 10.24 92.9 % 3.42 336.4 % (9.74) (10.9 %)
Q2 2020 10.22 128.4 % 4.26 228.7 % (7.50) 13.4 %
Q3 2020 9.64 55.9 % 5.04 192.3 % (6.39) 26.5 %
Q4 2020 10.85 15.9 % (10.36) (503.8 %) (13.09) (115.3 %)
Q1 2021 12.01 17.3 % 0.41 (88.1 %) (10.01) (2.8 %)
Q2 2021 9.80 (4.1 %) 1.96 (54.0 %) (9.01) (20.2 %)
Q3 2021 11.97 24.2 % (5.28) (204.9 %) (18.48) (189.2 %)
Q4 2021 13.80 27.2 % 7.69 174.2 % (8.21) 37.3 %
Q1 2022 16.98 41.3 % (9.61) (2472.1 %) (20.63) (106.2 %)
Q2 2022 12.28 25.3 % 6.18 215.2 % (4.30) 52.3 %
Q3 2022 9.81 (18.1 %) (12.28) (132.3 %) (23.06) (24.8 %)
Q4 2022 9.75 (29.4 %) (1.96) (125.6 %) (12.43) (51.5 %)
Q1 2023 11.60 (31.7 %) 0.30 103.1 % (10.89) 47.2 %
Q2 2023 15.96 30.0 % (1.53) (124.8 %) (12.65) (194.5 %)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 (4.69 %) (41.36 %) (63.79 %)
Q2 2014 (4.84 %) (43.80 %) (63.49 %)
Q3 2014 (0.67 %) (43.80 %) (64.78 %)
Q4 2014 (3.51 %) (40.45 %) (58.11 %)
Q1 2015 (3.04 %) (40.58 %) (57.73 %)
Q2 2015 2.86 % (33.65 %) (51.27 %)
Q3 2015 (5.92 %) (40.68 %) (57.76 %)
Q4 2015 (9.01 %) (41.39 %) (61.46 %)
Q1 2016 (9.55 %) (43.18 %) (64.36 %)
Q2 2016 (10.21 %) (45.79 %) (67.71 %)
Q3 2016 (1.78 %) (41.15 %) (63.40 %)
Q4 2016 (2.23 %) (45.46 %) (69.84 %)
Q1 2017 (3.17 %) (51.49 %) (79.40 %)
Q2 2017 (7.20 %) (62.73 %) (95.56 %)
Q3 2017 (9.56 %) (68.06 %) (103.33 %)
Q4 2017 (6.69 %) (69.12 %) (101.11 %)
Q1 2018 (8.10 %) (73.17 %) (102.36 %)
Q2 2018 (3.60 %) (77.72 %) (104.34 %)
Q3 2018 1.88 % (85.41 %) (123.67 %)
Q4 2018 16.06 % (112.94 %) (173.91 %)
Q1 2019 22.70 % (134.87 %) (209.26 %)
Q2 2019 25.58 % (141.58 %) (229.92 %)
Q3 2019 26.82 % (135.01 %) (210.56 %)
Q4 2019 25.13 % (87.15 %) (130.39 %)
Q1 2020 29.74 % (74.75 %) (114.99 %)
Q2 2020 33.22 % (58.39 %) (93.13 %)
Q3 2020 38.71 % (47.74 %) (74.93 %)
Q4 2020 5.75 % (63.17 %) (100.50 %)
Q1 2021 (1.54 %) (60.54 %) (93.37 %)
Q2 2021 (6.99 %) (64.00 %) (95.97 %)
Q3 2021 (29.75 %) (83.84 %) (118.50 %)
Q4 2021 10.02 % (73.56 %) (71.84 %)
Q1 2022 (9.98 %) (88.16 %) (47.24 %)
Q2 2022 (1.87 %) (76.38 %) (40.29 %)
Q3 2022 (15.17 %) (89.57 %) (56.91 %)
Q4 2022 (36.20 %) (100.14 %) (119.93 %)
Q1 2023 (17.88 %) (89.37 %) (154.51 %)
Q2 2023 (32.84 %) (100.12 %) (141.93 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2014 3.61 (14.02) (14.02) 80.75
Q2 2014 3.61 (13.94) (13.94) 76.93
Q3 2014 3.61 (14.17) (14.17) 73.99
Q4 2014 3.61 (12.87) (12.87) 70.74
Q1 2015 3.61 (13.06) (13.06) 67.69
Q2 2015 3.61 (11.96) (11.96) 64.97
Q3 2015 3.61 (13.70) (13.70) 60.29
Q4 2015 3.61 (14.21) (14.21) 56.54
Q1 2016 3.61 (13.99) (13.99) 53.70
Q2 2016 3.61 (13.95) (13.95) 51.02
Q3 2016 3.61 (12.01) (12.01) 48.28
Q4 2016 3.61 (11.67) (11.67) 44.34
Q1 2017 3.61 (11.39) (11.39) 41.78
Q2 2017 3.61 (11.29) (11.29) 39.21
Q3 2017 3.61 (10.76) (10.76) 36.99
Q4 2017 3.61 (11.32) (9.96) 33.96
Q1 2018 3.61 (10.43) (9.07) 32.30
Q2 2018 3.61 (9.73) (8.37) 30.42
Q3 2018 3.61 (9.93) (8.57) 28.00
Q4 2018 3.61 (10.33) (10.33) 23.77
Q1 2019 3.61 (11.23) (11.23) 21.01
Q2 2019 3.61 (12.18) (12.18) 18.18
Q3 2019 3.61 (12.57) (12.57) 15.37
Q4 2019 3.61 (9.16) (9.16) 14.28
Q1 2020 3.61 (9.65) (9.65) 11.22
Q2 2020 6.70 (5.01) (5.01) 48.71
Q3 2020 6.70 (4.41) (4.41) 47.79
Q4 2020 6.70 (6.07) (6.14) 45.59
Q1 2021 6.70 (5.88) (5.95) 44.08
Q2 2021 6.70 (5.99) (6.06) 42.64
Q3 2021 6.70 (7.82) (7.90) 39.88
Q4 2021 6.70 (5.10) (5.10) 40.50
Q1 2022 6.70 (3.71) (3.71) 38.18
Q2 2022 6.70 (3.31) (3.31) 42.39
Q3 2022 6.70 (4.49) (4.49) 38.45
Q4 2022 6.70 (9.46) (8.74) 35.20
Q1 2023 6.70 (9.40) (10.02) 35.20
Q2 2023 6.70 (10.26) (9.98) 33.30

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 NEG NEG 11.14
Q2 2014 NEG NEG 13.83
Q3 2014 NEG NEG 15.24
Q4 2014 NEG NEG 10.76
Q1 2015 NEG NEG 10.90
Q2 2015 NEG NEG 9.14
Q3 2015 NEG NEG 7.77
Q4 2015 NEG NEG 7.90
Q1 2016 NEG NEG 6.55
Q2 2016 NEG NEG 7.07
Q3 2016 NEG NEG 5.60
Q4 2016 NEG NEG 8.68
Q1 2017 NEG NEG 7.39
Q2 2017 NEG NEG 6.71
Q3 2017 NEG NEG 8.68
Q4 2017 NEG NEG 9.11
Q1 2018 NEG NEG 9.43
Q2 2018 NEG NEG 8.91
Q3 2018 NEG NEG 6.34
Q4 2018 NEG NEG 17.16
Q1 2019 NEG NEG 15.94
Q2 2019 NEG NEG 15.61
Q3 2019 NEG NEG 15.35
Q4 2019 NEG NEG 18.15
Q1 2020 NEG NEG 16.34
Q2 2020 NEG NEG 2.66
Q3 2020 NEG NEG 6.71
Q4 2020 NEG NEG 7.19
Q1 2021 NEG NEG 7.33
Q2 2021 NEG NEG 8.59
Q3 2021 NEG NEG 8.45
Q4 2021 NEG NEG 6.71
Q1 2022 NEG NEG 6.94
Q2 2022 NEG NEG 4.78
Q3 2022 NEG NEG 5.13
Q4 2022 NEG NEG 4.56
Q1 2023 NEG NEG 4.60
Q2 2023 NEG NEG 5.50

Business Segments (Million)

Compared With The
Period Farm Retail Sales Wholesale Other Sales Fishes Shrimp Shrimp Farm Others
Q1 2014 - - - - 15.94 5.04 - 1.75
Q2 2014 - - - - 14.68 2.09 - 1.66
Q3 2014 - - - - 13.78 2.05 - 1.49
Q4 2014 - - - - 14.87 4.85 - 1.71
Q1 2015 - - - - 16.78 1.84 4.21 1.60
Q2 2015 - - - - 14.94 4.60 - 1.46
Q3 2015 - - - - 13.99 3.31 - 1.38
Q4 2015 - - - - 13.31 4.33 - 1.62
Q1 2016 - - - - 12.28 2.41 3.27 1.53
Q2 2016 - - - - 10.14 8.76 (3.27) 1.25
Q3 2016 - - - - 8.37 2.99 - 1.36
Q4 2016 - - - - 8.12 2.02 - 1.03
Q1 2017 - - - - 7.89 2.15 - 0.92
Q2 2017 - - - - 5.63 1.30 - 0.81
Q3 2017 - - - - 5.55 1.41 - 0.73
Q4 2017 - - - - 6.79 1.34 - 1.03
Q1 2018 - - - - 5.64 0.96 - 0.77
Q2 2018 - - - - 3.56 0.64 - 0.53
Q3 2018 - - - - 2.90 0.47 - 0.39
Q4 2018 - - - - 4.20 0.70 - 0.67
Q1 2019 - - - - 4.13 0.63 - 0.55
Q2 2019 - - - - 3.67 0.66 - 0.14
Q3 2019 - - - - 4.32 1.06 - 0.81
Q4 2019 - - - - 5.72 1.94 - 1.70
Q1 2020 - - - - 3.54 0.74 - 5.96
Q2 2020 - - - - 4.05 0.87 - 5.29
Q3 2020 - - - - 4.02 0.84 - 4.78
Q1 2021 - 8.97 1.54 1.51 - - - -
Q2 2021 - 7.03 2.73 0.04 - - - -
Q3 2021 - 7.38 3.73 0.87 - - - -
Q1 2022 - 7.85 9.13 - - - - -
Q2 2022 - 5.16 7.11 - - - - -
Q4 2022 3.45 5.04 1.26 - - - - -
Q1 2023 3.47 3.96 4.17 - - - - -
Q2 2023 3.61 3.28 9.07 - - - - -


Financial Ratios
Current
Market Cap (M Riyal) 825.44
Enterprise Value (EV) (M) 833.86
Shares Outstanding ((M)) 6.70
EPS ( Riyal) (TTM) (13.99)
Book Value (BV) ( Riyal) 10.12
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 12.17
Return on Average Assets (%) (TTM) (37.60 )
Return on Average Equity (%) (TTM) (73.00 )
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Share Price

Saudi Fisheries Co.
123.20
(0.80) (0.65 %)

Saudi Fisheries Co. (SFICO)

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