Saudi Fisheries Co. (Alasmak) slipped into a deeper net loss after Zakat and tax of SAR 49.9 million in the first nine months of 2022, compared to SAR 37.9 million in the year-ago period, mainly due to the increased production costs in the shrimp farm and lower survival rates.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 33.78 | 39.07 | 15.6 % |
| Gross Income | (2.92) | (15.71) | (437.9 %) |
| Operating Income | (37.50) | (47.99) | (28.0 %) |
| Net Income | (37.85) | (33.75) | 10.8 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.95) | (0.84) | 10.8 % |
The longer harvest cycles and variable costs hiked up the overall production cost. On the other hand, sales jumped 16% year-on-year (YoY).
In Q3 2022, the company widened its net loss after Zakat and tax by 42.9% to SAR 26.4 million, from SAR 18.46 million in Q3 2021 on an 18% YoY drop in sales, along with an increase in production costs of the second shrimp cycle.
Further, food consumption rates (FCR) pushed shrimp costs higher.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 11.97 | 9.81 | (18.1 %) |
| Gross Income | (5.28) | (12.28) | (132.3 %) |
| Operating Income | (18.48) | (23.06) | (24.8 %) |
| Net Income | (18.46) | (26.38) | (42.9 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.46) | (0.66) | (42.9 %) |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 12.28 | 9.81 | (20.1 %) |
| Gross Income | 6.18 | (12.28) | (298.8 %) |
| Operating Income | (4.30) | (23.06) | (437.0 %) |
| Net Income | (6.98) | (26.38) | (277.7 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.17) | (0.66) | (277.7 %) |
In Q2 2022, the company incurred a net loss of SAR 8 million.
Total shareholders’ equity, after minority interest, decreased to SAR 221.351 million as of Sept. 30, 2022, from SAR 271.269 million a year earlier.
Accumulated losses amounted to SAR -178.546 million as of Sept. 30, 2022, representing -44.63% of the company's capital.
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