Saudi Fisheries accumulated losses reaches 37.03% of capital

Logo of Saudi Fisheries Co.

Saudi Fisheries Co. (Alasmak) announced that its accumulated losses reached SAR 24.8 million, representing 37.03% of its SAR 66.99 million capital, according to its financial statements for the period ended Sept. 30, 2026.

In a statement to Tadawul, the company said the main reasons for the accumulated losses include the suspension of the group's commercial activities as part of its restructuring, the absence of revenue during the period while continuing to incur general and administrative expenses, as well as losses from discontinued operations and impairment losses on non-financial assets.

To address the losses, the company plans to complete the sale of its 51% stake in Al-Haridah Aquaculture Co. to Sara National Trading Co., and offer its headquarters land and building in Riyadh's Al Malaz district for sale, in line with the board's decision dated Oct. 4, 2026. It will also continue to rationalize operating expenses and assess available options to strengthen its financial position.

Regarding related developments, the extraordinary general assembly held on Sept. 27, 2026, rejected the board's recommendation to increase capital, as the proposal failed to secure the required majority under the Companies Law and the company's bylaws.

The board also decided on Oct. 4, 2026, to put the company's headquarters land and building in Riyadh's Al Malaz district up for sale, either through direct negotiations or a public auction.

On Oct. 22, 2026, the group and Sara National Trading signed Amendment No. 2 to the share purchase agreement, rescheduling the remaining SAR 24.86 million of the transaction value into four installments falling due between Nov. 1, 2027, and May 1, 2029, while keeping the total transaction value unchanged.

The company said it will be subject to the procedures and regulations applicable to listed companies whose accumulated losses reach 20% or more of their capital.

According to Argaam data, the company's losses narrowed to SAR 8.10 million in the first nine months of 2026, compared with SAR 18.48 million in the same period of 2025. Q3 losses amounted to SAR 3.89 million, compared with SAR 6.89 million a year earlier.