Saudi Fisheries Co. widened net losses after Zakat and tax to SAR 23.5 million in H1 2022, compared to SAR 19.4 million in the year-ago period, mainly due to the increased production costs at the shrimp farm.
However, the company noted 34% year-on-year (YoY) growth in sales.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 21.81 | 29.26 | 34.1 % |
| Gross Income | 2.36 | (3.43) | (245.2 %) |
| Operating Income | (19.02) | (24.93) | (31.1 %) |
| Net Income | (19.38) | (7.37) | 62.0 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.48) | (0.18) | 62.0 % |
In Q2 2022, net loss after Zakat and tax narrowed 16.7% YoY to SAR 8 million, as sales rose 25% YoY. In addition, the company noted better control on the cost of revenue.
On a sequential basis, Q2 net loss nearly halved from SAR 15.5 million.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 9.80 | 12.28 | 25.3 % |
| Gross Income | 1.96 | 6.18 | 215.2 % |
| Operating Income | (9.01) | (4.30) | 52.3 % |
| Net Income | (9.63) | (6.98) | 27.5 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.24) | (0.17) | 27.5 % |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 16.98 | 12.28 | (27.7 %) |
| Gross Income | (9.61) | 6.18 | 164.3 % |
| Operating Income | (20.63) | (4.30) | 79.2 % |
| Net Income | (0.39) | (6.98) | (1,700.4 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.01) | (0.17) | (1,700.4 %) |
Shareholders’ equity, after minority interest, stood at SAR 247.730 million as of June 30, 2022, compared to SAR 271.269 million a year earlier.
Accumulated losses amounted to SAR 152.166 million as of June 30, 2022, representing 38% of the company's capital.
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