Financial Results : Saudi Fisheries incurs SAR 1.2M loss in Q1 2025

Saudi Fisheries incurs SAR 1.2M loss in Q1 2025

12/05/2025 Argaam Exclusive

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Saudi Fisheries Co. reported a net loss of SAR 1.1 million for Q1 2025, narrowing from SAR 9 million in the same period a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2024 Q1 2025 Change‬
Revenues 9.13 1.06 (88.4 %)
Gross Income (2.79) 0.49 117.6 %
Operating Income (8.98) (5.91) 34.2 %
Net Income (8.96) (1.15) 87.2 %
Average Shares 6.70 6.70 -
Earnings Per Share before unusual items (Riyal) (1.34) (0.91) 32.1 %
EPS (Riyal) (1.34) (0.17) 87.2 %

The smaller loss was attributed to lower operating expenses amid reduced business activity, including a 31% decline in selling, general, and administrative (SG&A) costs, as well as lower farm-related expenses tied to shrimp and fish production.

 

However, revenue dropped 88.4% year-on-year (YoY) following a temporary halt in wholesale operations and the end of production cycles during the quarter. The company’s net margin remained in negative territory, weighed down by idle farm costs, particularly depreciation charges.

 

On a sequential basis, Saudi Fisheries swung to a loss in Q1 2025, compared with a profit of SAR 7.47 million in Q4 2024.

 

Total shareholders’ equity, no minority interest, reached SAR 74.40 million as of March 31, 2025, compared to SAR 107.31 million in the prior-year period.

 

Accumulated losses stood at SAR 0.172 million as of March 31, 2025, representing 1.34% of capital.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2016 19.48 (20.3 %) 0.34 6.0 % (8.44) 6.4 %
Q2 2016 16.88 (19.6 %) 0.68 (12.5 %) (8.17) (1.7 %)
Q3 2016 12.73 (31.9 %) (0.15) 97.7 % (8.94) 40.3 %
Q4 2016 11.17 (42.0 %) (2.21) (6.1 %) (11.61) (1.0 %)
Q1 2017 10.97 (43.7 %) 0.04 (88.1 %) (7.59) 10.1 %
Q2 2017 7.74 (54.2 %) (0.75) (209.2 %) (8.16) 0.1 %
Q3 2017 7.69 (39.6 %) (0.68) (350.7 %) (7.91) 11.4 %
Q4 2017 9.16 (18.0 %) (1.00) 54.9 % (9.70) 16.4 %
Q1 2018 7.37 (32.8 %) (0.17) (527.5 %) (6.16) 18.8 %
Q2 2018 4.72 (38.9 %) 0.80 207.8 % (6.79) 16.9 %
Q3 2018 3.76 (51.1 %) 0.84 223.7 % (7.50) 5.2 %
Q4 2018 5.57 (39.2 %) 1.97 297.9 % (12.37) (27.5 %)
Q1 2019 5.31 (28.0 %) 0.78 557.9 % (8.78) (42.5 %)
Q2 2019 4.47 (5.3 %) 1.30 61.3 % (8.66) (27.6 %)
Q3 2019 6.18 64.5 % 1.72 106.1 % (8.70) (15.9 %)
Q4 2019 9.37 68.3 % 2.57 30.0 % (6.08) 50.8 %
Q1 2020 10.24 92.9 % 3.42 336.4 % (9.74) (10.9 %)
Q2 2020 10.22 128.4 % 4.26 228.7 % (7.50) 13.4 %
Q3 2020 9.64 55.9 % 5.04 192.3 % (6.39) 26.5 %
Q4 2020 10.85 15.9 % (10.36) (503.8 %) (13.09) (115.3 %)
Q1 2021 12.01 17.3 % 0.41 (88.1 %) (10.01) (2.8 %)
Q2 2021 9.80 (4.1 %) 1.96 (54.0 %) (9.01) (20.2 %)
Q3 2021 11.97 24.2 % (5.28) (204.9 %) (18.48) (189.2 %)
Q4 2021 13.80 27.2 % 7.69 174.2 % (8.21) 37.3 %
Q1 2022 16.98 41.3 % (5.26) (1397.5 %) (16.28) (62.7 %)
Q2 2022 12.28 25.3 % 2.80 43.1 % (7.67) 14.9 %
Q3 2022 9.81 (18.1 %) (16.00) (202.8 %) (26.79) (44.9 %)
Q4 2022 9.75 (29.4 %) (2.30) (129.9 %) (12.76) (55.6 %)
Q1 2023 11.60 (31.7 %) 0.30 105.7 % (10.89) 33.1 %
Q2 2023 15.96 30.0 % (1.53) (154.6 %) (12.65) (65.0 %)
Q3 2023 15.11 54.1 % (16.87) (5.4 %) (34.83) (30.0 %)
Q4 2023 9.54 (2.2 %) (25.86) (1,025.9 %) (68.67) (438.0 %)
Q1 2024 9.13 (21.3 %) (2.79) (1029.7 %) (8.98) 17.5 %
Q2 2024 6.58 (58.8 %) (5.15) (236.3 %) (11.25) 11.1 %
Q3 2024 1.85 (87.8 %) (2.68) 84.1 % (24.24) 30.4 %
Q4 2024 1.49 (84.4 %) (0.33) 98.7 % (1.56) 97.7 %
Q1 2025 1.06 (88.4 %) 0.49 117.6 % (5.91) 34.2 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2016 (10.22) 7.0 % (2.83) - (10.22) (2.83)
Q2 2016 (9.66) 1.6 % (2.68) - (9.66) (2.68)
Q3 2016 (9.89) 41.4 % (2.74) - (9.89) (2.74)
Q4 2016 (12.32) 9.2 % (3.41) - (12.32) (3.41)
Q1 2017 (9.23) 9.7 % (2.56) - (9.23) (2.56)
Q2 2017 (9.28) 3.9 % (2.57) - (9.28) (2.57)
Q3 2017 (7.99) 19.2 % (2.21) - (7.99) (2.21)
Q4 2017 (14.35) (16.5 %) (3.98) (4.91) (9.45) (2.62)
Q1 2018 (5.99) 35.1 % (1.66) - (5.99) (1.66)
Q2 2018 (6.77) 27.1 % (1.88) - (6.77) (1.88)
Q3 2018 (8.73) (9.2 %) (2.42) - (8.73) (2.42)
Q4 2018 (15.76) (9.8 %) (4.37) - (15.76) (4.37)
Q1 2019 (9.25) (54.3 %) (2.56) - (9.25) (2.56)
Q2 2019 (10.19) (50.6 %) (2.83) - (10.19) (2.83)
Q3 2019 (10.13) (16.1 %) (2.81) - (10.13) (2.81)
Q4 2019 (3.46) 78.1 % (0.96) - (3.46) (0.96)
Q1 2020 (11.02) (19.1 %) (3.05) - (11.02) (3.05)
Q2 2020 (8.93) 12.4 % (1.33) - (8.93) (1.33)
Q3 2020 (6.17) 39.1 % (0.92) - (6.17) (0.92)
Q4 2020 (14.54) (320.4 %) (2.17) 0.50 (15.04) (2.25)
Q1 2021 (9.75) 11.5 % (1.46) - (9.75) (1.46)
Q2 2021 (9.63) (7.9 %) (1.44) - (9.63) (1.44)
Q3 2021 (18.46) (199.4 %) (2.76) - (18.46) (2.76)
Q4 2021 3.66 125.2 % 0.55 - 3.66 0.55
Q1 2022 (15.51) (59.1 %) (2.32) - (15.51) (2.32)
Q2 2022 (6.98) 27.5 % (1.04) - (6.98) (1.04)
Q3 2022 (26.38) (42.9 %) (3.94) - (26.38) (3.94)
Q4 2022 (29.64) (909.2 %) (4.42) (4.84) (25.13) (3.75)
Q1 2023 0.02 100.1 % 0.00 8.97 (8.95) (1.34)
Q2 2023 (12.74) (82.5 %) (1.90) (6.00) (6.74) (1.01)
Q3 2023 (34.38) (30.3 %) (5.13) - (34.38) (5.13)
Q4 2023 (72.85) (145.8 %) (10.88) (2.65) (70.21) (10.48)
Q1 2024 (8.96) (44885.5 %) (1.34) - (8.96) (1.34)
Q2 2024 (10.81) 15.1 % (1.61) - (10.81) (1.61)
Q3 2024 (28.70) 16.5 % (4.28) - (28.70) (4.28)
Q4 2024 7.47 110.3 % 1.12 11.87 (4.39) (0.66)
Q1 2025 (1.15) 87.2 % (0.17) 4.94 (6.08) (0.91)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2016 (9.55 %) (43.18 %) (64.36 %)
Q2 2016 (10.21 %) (45.79 %) (67.71 %)
Q3 2016 (1.78 %) (41.15 %) (63.40 %)
Q4 2016 (2.23 %) (45.46 %) (69.84 %)
Q1 2017 (3.17 %) (51.49 %) (79.40 %)
Q2 2017 (7.20 %) (62.73 %) (95.56 %)
Q3 2017 (9.56 %) (68.06 %) (103.33 %)
Q4 2017 (6.69 %) (69.12 %) (101.11 %)
Q1 2018 (8.10 %) (73.17 %) (102.36 %)
Q2 2018 (3.60 %) (77.72 %) (104.34 %)
Q3 2018 1.88 % (85.41 %) (123.67 %)
Q4 2018 16.06 % (112.94 %) (173.91 %)
Q1 2019 22.70 % (134.87 %) (209.26 %)
Q2 2019 25.58 % (141.58 %) (229.92 %)
Q3 2019 26.82 % (135.01 %) (210.56 %)
Q4 2019 25.13 % (87.15 %) (130.39 %)
Q1 2020 29.74 % (74.75 %) (114.99 %)
Q2 2020 33.22 % (58.39 %) (93.13 %)
Q3 2020 38.71 % (47.74 %) (74.93 %)
Q4 2020 5.75 % (63.17 %) (100.50 %)
Q1 2021 (1.54 %) (60.54 %) (93.37 %)
Q2 2021 (6.99 %) (64.00 %) (95.97 %)
Q3 2021 (29.75 %) (83.84 %) (118.50 %)
Q4 2021 10.02 % (73.56 %) (71.84 %)
Q1 2022 (1.70 %) (79.88 %) (76.01 %)
Q2 2022 (0.09 %) (74.60 %) (67.77 %)
Q3 2022 (20.36 %) (94.76 %) (85.51 %)
Q4 2022 (42.50 %) (106.44 %) (151.59 %)
Q1 2023 (34.98 %) (106.47 %) (155.28 %)
Q2 2023 (41.45 %) (108.73 %) (142.63 %)
Q3 2023 (38.91 %) (113.80 %) (143.47 %)
Q4 2023 (84.21 %) (221.22 %) (230.40 %)
Q1 2024 (94.60 %) (228.54 %) (241.84 %)
Q2 2024 (125.56 %) (278.44 %) (308.16 %)
Q3 2024 (134.63 %) (375.27 %) (437.98 %)
Q4 2024 (57.48 %) (184.08 %) (277.60 %)
2024 (31.23 %) (216.10 %) (277.60 %)
Q1 2025 (69.84 %) (296.41 %) (455.49 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2016 3.61 (13.99) (13.99) 53.70
Q2 2016 3.61 (13.95) (13.95) 51.02
Q3 2016 3.61 (12.01) (12.01) 48.28
Q4 2016 3.61 (11.67) (11.67) 44.34
Q1 2017 3.61 (11.39) (11.39) 41.78
Q2 2017 3.61 (11.29) (11.29) 39.21
Q3 2017 3.61 (10.76) (10.76) 36.99
Q4 2017 3.61 (11.32) (9.96) 33.96
Q1 2018 3.61 (10.43) (9.07) 32.30
Q2 2018 3.61 (9.73) (8.37) 30.42
Q3 2018 3.61 (9.93) (8.57) 28.00
Q4 2018 3.61 (10.33) (10.33) 23.77
Q1 2019 3.61 (11.23) (11.23) 21.01
Q2 2019 3.61 (12.18) (12.18) 18.18
Q3 2019 3.61 (12.57) (12.57) 15.37
Q4 2019 3.61 (9.16) (9.16) 14.28
Q1 2020 3.61 (9.65) (9.65) 11.22
Q2 2020 6.70 (5.01) (5.01) 48.71
Q3 2020 6.70 (4.41) (4.41) 47.79
Q4 2020 6.70 (6.07) (6.14) 45.59
Q1 2021 6.70 (5.88) (5.95) 44.08
Q2 2021 6.70 (5.99) (6.06) 42.64
Q3 2021 6.70 (7.82) (7.90) 39.88
Q4 2021 6.70 (5.10) (5.10) 40.50
Q1 2022 6.70 (5.96) (5.96) 38.18
Q2 2022 6.70 (5.57) (5.57) 42.39
Q3 2022 6.70 (6.75) (6.75) 38.45
Q4 2022 6.70 (11.72) (11.05) 35.20
Q1 2023 6.70 (9.40) (10.07) 35.20
Q2 2023 6.70 (10.26) (10.03) 33.30
Q3 2023 6.70 (11.46) (11.23) 28.19
Q4 2023 6.70 (17.91) (17.96) 17.36
Q1 2024 6.70 (19.25) (17.96) 16.02
Q2 2024 6.70 (18.96) (18.57) 14.41
Q3 2024 6.70 (18.11) (17.72) 10.12
Q4 2024 6.70 (6.12) (7.89) 11.28
Q1 2025 6.70 (4.95) (7.46) 11.11

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2016 NEG NEG 6.55
Q2 2016 NEG NEG 7.07
Q3 2016 NEG NEG 5.60
Q4 2016 NEG NEG 8.68
Q1 2017 NEG NEG 7.39
Q2 2017 NEG NEG 6.71
Q3 2017 NEG NEG 8.68
Q4 2017 NEG NEG 9.11
Q1 2018 NEG NEG 9.43
Q2 2018 NEG NEG 8.91
Q3 2018 NEG NEG 6.34
Q4 2018 NEG NEG 17.16
Q1 2019 NEG NEG 15.94
Q2 2019 NEG NEG 15.61
Q3 2019 NEG NEG 15.35
Q4 2019 NEG NEG 18.15
Q1 2020 NEG NEG 16.34
Q2 2020 NEG NEG 2.66
Q3 2020 NEG NEG 6.71
Q4 2020 NEG NEG 7.19
Q1 2021 NEG NEG 7.33
Q2 2021 NEG NEG 8.59
Q3 2021 NEG NEG 8.45
Q4 2021 NEG NEG 6.71
Q1 2022 NEG NEG 6.94
Q2 2022 NEG NEG 4.78
Q3 2022 NEG NEG 5.13
Q4 2022 NEG NEG 4.56
Q1 2023 NEG NEG 4.60
Q2 2023 NEG NEG 5.50
Q3 2023 NEG NEG 5.48
Q4 2023 NEG NEG 8.40
Q1 2024 NEG NEG 9.51
Q2 2024 NEG NEG 9.26
Q3 2024 NEG NEG 17.20
Q4 2024 NEG NEG 11.62
Q1 2025 NEG NEG 9.27

Business Segments (Million)

Compared With The
Period Farm Retail Sales Wholesale Other Sales Fishes Shrimp Shrimp Farm Others
Q1 2016 - - - - 12.28 2.41 3.27 1.53
Q2 2016 - - - - 10.14 8.76 (3.27) 1.25
Q3 2016 - - - - 8.37 2.99 - 1.36
Q4 2016 - - - - 8.12 2.02 - 1.03
Q1 2017 - - - - 7.89 2.15 - 0.92
Q2 2017 - - - - 5.63 1.30 - 0.81
Q3 2017 - - - - 5.55 1.41 - 0.73
Q4 2017 - - - - 6.79 1.34 - 1.03
Q1 2018 - - - - 5.64 0.96 - 0.77
Q2 2018 - - - - 3.56 0.64 - 0.53
Q3 2018 - - - - 2.90 0.47 - 0.39
Q4 2018 - - - - 4.20 0.70 - 0.67
Q1 2019 - - - - 4.13 0.63 - 0.55
Q2 2019 - - - - 3.67 0.66 - 0.14
Q3 2019 - - - - 4.32 1.06 - 0.81
Q4 2019 - - - - 5.72 1.94 - 1.70
Q1 2020 - - - - 3.54 0.74 - 5.96
Q2 2020 - - - - 4.05 0.87 - 5.29
Q3 2020 - - - - 4.02 0.84 - 4.78
Q1 2021 - 8.97 1.54 1.51 - - - -
Q2 2021 - 7.03 2.73 0.04 - - - -
Q3 2021 - 7.38 3.73 0.87 - - - -
Q1 2022 - 7.85 9.13 - - - - -
Q2 2022 - 5.16 7.11 - - - - -
Q4 2022 3.45 5.04 1.26 - - - - -
Q1 2023 3.47 3.96 4.17 - - - - -
Q2 2023 3.61 3.28 9.07 - - - - -
Q3 2023 7.23 2.83 5.05 - - - - -
Q4 2023 2.54 2.05 4.95 - - - - -
Q1 2024 1.03 1.63 6.47 - - - - -
Q2 2024 3.08 1.28 2.21 - - - - -
Q3 2024 0.45 1.40 - - - - - -
Q4 2024 - 1.49 - - - - - -
Q1 2025 - 1.06 - - - - - -

Current
Market Cap (M Riyal) 429.81
Enterprise Value (EV) (M Riyal) 418.08
Shares Outstanding ((M)) 6.70
EPS ( Riyal) (TTM) (1.64)
Book Value (BV) ( Riyal) 8.52
Par Value ( Riyal) 10.00
Recurring P/E Neg
P/E (TTM) NEG
Price/book 7.53
Return on Average Assets (%) (TTM) (6.10 )
Return on Average Equity (%) (TTM) (17.63 )
EV/adj EBITDA (28.76)
EV/Revenues 88.93

Share Price

64.15
0.10 0.16 %

Saudi Fisheries Co. (SFICO)


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