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

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 (9.12) (9.79) (7.4 %)
Operating Income (49.39) (44.37) 10.2 %
Net Income (47.11) (48.47) (2.9 %)
Average Shares 6.70 6.70 -
Earnings Per Share before unusual items (Riyals) (7.48) (7.24) 3.2 %
EPS (Riyals) (7.03) (7.24) (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 (7.89) (2.68) 66.0 %
Operating Income (25.85) (24.97) 3.4 %
Net Income (34.38) (28.70) 16.5 %
Average Shares 6.70 6.70 -
Earnings Per Share before unusual items (Riyals) (5.13) (4.28) 16.5 %
EPS (Riyals) (5.13) (4.28) 16.5 %

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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Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
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)
Q3 2023 (34.38) (30.3 %) (5.13) - (34.38) (5.13)
Q4 2023 (45.21) (52.5 %) (6.75) (5.25) (39.96) (5.97)
Q1 2024 (8.96) (44885.5 %) (1.34) - (8.96) (1.34)
Q2 2024 (10.81) 15.1 % (1.61) - (10.81) (1.61)
Q3 2024 (28.70) 16.5 % (4.28) - (28.70) (4.28)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q3 2023 15.11 54.1 % (7.89) 35.8 % (25.85) (12.1 %)
Q4 2023 9.54 (2.2 %) (0.07) 96.4 % (8.15) 34.4 %
Q1 2024 9.13 (21.3 %) (1.96) (753.7 %) (8.15) 25.1 %
Q2 2024 6.58 (58.8 %) (5.15) (236.3 %) (11.25) 11.1 %
Q3 2024 1.85 (87.8 %) (2.68) 66.0 % (24.97) 3.4 %

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q3 2023 (21.14 %) (96.02 %) (142.84 %)
Q4 2023 (17.60 %) (88.10 %) (172.46 %)
Q1 2024 (23.02 %) (87.16 %) (181.03 %)
Q2 2024 (37.33 %) (104.18 %) (233.21 %)
Q3 2024 (36.39 %) (151.57 %) (326.35 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q3 2023 6.70 (11.46) (11.18) 28.19
Q4 2023 6.70 (13.78) (13.44) 17.36
Q1 2024 6.70 (15.12) (13.44) 20.28
Q2 2024 6.70 (14.83) (14.05) 14.41
Q3 2024 6.70 (13.99) (13.20) 10.12

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2023 NEG NEG 5.48
Q4 2023 NEG NEG 8.40
Q1 2024 NEG NEG 7.51
Q2 2024 NEG NEG 9.26
Q3 2024 NEG NEG 17.20

Business Segments (Million)

Compared With The
Period Farm Retail Sales Wholesale Other Sales Fishes Shrimp Shrimp Farm Others
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 - - - - -
Q3 2023 7.23 2.83 5.05 - - - - -
Q4 2023 2.54 2.05 4.95 - - - - -
Q1 2024 1.03 1.63 6.47 - - - - -
Q2 2024 3.08 1.28 2.21 - - - - -
Q3 2024 0.45 1.40 - - - - - -


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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