Saudi Fisheries Co. slid into a deeper net loss of SAR 39.3 million in the first nine months of 2023 from SAR 33.8 million a year earlier.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 39.07 | 42.67 | 9.2 % |
| Gross Income | (15.71) | (9.12) | 42.0 % |
| Operating Income | (47.99) | (49.40) | (2.9 %) |
| Net Income | (33.75) | (39.33) | (16.5 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.84) | (0.98) | (16.5 %) |
The company attributed the higher losses to an increase in farm production costs and the loss arising from fair valuation of biological assets.
The operating loss leapt by 17% year-on-year (YoY) during the nine-month period. This was due to recognizing inventory provisions amounting to SAR 9.7 million.
The company recognized a Zakat provision of SAR 6 million for the assessments from 2011-2016 and from 2017-2018.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 9.81 | 15.11 | 54.1 % |
| Gross Income | (12.28) | (10.67) | 13.1 % |
| Operating Income | (23.06) | (25.85) | (12.1 %) |
| Net Income | (26.38) | (34.38) | (30.3 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.66) | (0.86) | (30.3 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 15.96 | 15.11 | (5.3 %) |
| Gross Income | (1.53) | (10.67) | (596.9 %) |
| Operating Income | (12.65) | (25.85) | (104.3 %) |
| Net Income | (25.50) | (34.38) | (34.8 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.64) | (0.86) | (34.8 %) |
In Q3 2023, net loss widened to SAR 34.4 million from SAR 26.4 million in Q3 2022 on higher shrimp and fish production costs in the farms, along with the loss arising from the fair valuation of biological assets.
On a quarterly basis, net losses increased by 34.8% from SAR 25.5 million on increased shrimp and fish production costs in the farms and a 30% sequential rise in operating losses.
Total shareholders’ equity, after minority interest, dropped to SAR 188.84 million as of Sept. 30, 2023, up from SAR 257.55 million in the prior-year period.
Accumulated losses amounted to SAR 211.54 million by the end of Sept. 30, 2023, representing 52.89% of the company’s capital.
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