Saudi Fisheries Co. (Alasmak) widened 2023 net loss by 44.2% to SAR 91.43 million, from SAR 63.4 million a year earlier, on higher costs of the shrimp and fish production farms, losses from fair valuation of biological assets at SAR 33.8 million, in addition to provisions of SAR 22.31 million related to inventory, Zakat, and asset impairment.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 48.82 | 52.21 | 6.9 % |
| Gross Income | (17.67) | (10.19) | 42.4 % |
| Operating Income | (60.42) | (54.31) | 10.1 % |
| Net Income | (63.39) | (73.49) | (15.9 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (1.58) | (1.84) | (15.9 %) |
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 9.75 | 9.54 | (2.2 %) |
| Gross Income | (1.96) | (25.86) | (1,216.8 %) |
| Operating Income | (12.43) | (41.31) | (232.3 %) |
| Net Income | (29.64) | (45.21) | (52.5 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.74) | (1.13) | (52.5 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 15.11 | 9.54 | (36.9 %) |
| Gross Income | (10.67) | (25.86) | (142.4 %) |
| Operating Income | (25.85) | (41.31) | (59.8 %) |
| Net Income | (34.38) | (45.21) | (31.5 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.86) | (1.13) | (31.5 %) |
This came despite a 7% revenue increase on higher wholesale sales.
Q4 2023 net loss reached SAR 52.1 million, compared to SAR 29.6 million in a prior-year period.
On a sequential basis, net loss widened from SAR 34.4 million in Q3 2023.
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