Saudi Fisheries Co. narrowed its net loss after Zakat and tax to SAR 34.2 million in 2021, compared to SAR 40.7 million a year earlier.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 40.95 | 47.59 | 16.2 % |
| Gross Income | 2.35 | 4.77 | 102.5 % |
| Operating Income | (36.72) | (45.70) | (24.5 %) |
| Net Income | (40.65) | (34.19) | 15.9 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (1.02) | (0.85) | 15.9 % |
The lower losses were driven by a 16% rise in sales year-on-year (YoY) due to resumption of operations at the shrimp farms in Al-Huraidah. In addition, the cost of sales decreased and other income increased YoY.
The company turned to a net profit after Zakat and tax of SAR 3.7 million in Q4 2021, from a net loss after Zakat and tax of SAR 14.5 million in Q4 2020.
Sequentially, Saudi Fisheries swung to aprofit from a loss of SAR 18.5 million in Q3 2021.
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 10.85 | 13.80 | 27.2 % |
| Gross Income | (10.36) | 7.69 | 174.2 % |
| Operating Income | (13.09) | (8.21) | 37.3 % |
| Net Income | (14.54) | 3.66 | 125.2 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.36) | 0.09 | 125.2 % |
| Item | Q3 2021 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 11.97 | 13.80 | 15.3 % |
| Gross Income | (5.28) | 7.69 | 245.5 % |
| Operating Income | (18.48) | (8.21) | 55.6 % |
| Net Income | (18.46) | 3.66 | 119.8 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.46) | 0.09 | 119.8 % |
Total shareholders’ equity, excluding minority interest, rose to SAR 271.269 million in 2021 from SAR 305.395 million in the year-earlier period.
Accumulated losses at the end of the current period amounted to SAR 128.6 million, or 32.15% of the company’s capital.
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