Financial Results : Saudi Fisheries trims loss to SAR 41M in 2024; Q4 profit at SAR 7.5M

Saudi Fisheries trims loss to SAR 41M in 2024; Q4 profit at SAR 7.5M

26/03/2025 Argaam Exclusive

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Saudi Fisheries Co. narrowed net loss to SAR 41 million in 2024, from SAR 120 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 52.21 19.04 (63.5 %)
Gross Income (43.96) (5.95) 86.5 %
Operating Income (127.04) (52.13) 59.0 %
Net Income (119.96) (41.00) 65.8 %
Average Shares 6.70 6.70 -
Earnings Per Share before unusual items (Riyals) (17.96) (7.89) 56.1 %
EPS (Riyal) (17.91) (6.12) 65.8 %

This was fueled by reduced farm-related expenses for shrimp and fish production, lower operating expenses due to decreased business activity, in addition to a 27% reduction in selling, general and administrative expenses (SG&As) costs.

 

It also reported the reversal of impairment for non-financial assets amounting to SAR 7.6 million.

 

Meanwhile, sales declined by 63.5% year-on-year (YoY) due to reduced wholesale activities and the end of production cycles.

 

The company also cited farms fixed costs incurred after complete harvesting, higher consultancy expenses related to capital restructuring and the recognition of provisions totaling SAR 8.98 million, related to inventory, advances to suppliers, and trade receivables.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 9.54 1.49 (84.4 %)
Gross Income (25.86) (0.33) 98.7 %
Operating Income (68.67) (1.56) 97.7 %
Net Income (72.85) 7.47 110.3 %
Average Shares 6.70 6.70 -
Earnings Per Share before unusual items (Riyal) (10.48) (0.66) 93.7 %
EPS (Riyal) (10.88) 1.12 110.3 %

The company reported a net profit of SAR 7.5 million in Q4 2024, versus a net loss of SAR 72.8 million a year earlier. Sequentially, the company swung to profit from SAR 28.7 million losses in Q3 2024.

 

Total shareholders’ equity, no minority interest, stood at SAR 75.56 million by Dec. 31, 2024, compared to SAR 116.27 million a year earlier.

 

The company's accumulated losses amounted to SAR 325.54 million as of Dec. 31, 2024, representing 81.38% of its capital.

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