Financial Results : Saudi Fisheries loses SAR 11.6M in H1 2025, SAR 10.4M in Q2

Saudi Fisheries loses SAR 11.6M in H1 2025, SAR 10.4M in Q2

03/08/2025 Argaam Exclusive

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Saudi Fisheries Co. trimmed its net loss to SAR 11.6 million in the first half of 2025, down from SAR 19.8 million in the same period last year.



Financials (M)

Item 6m 2024 6m 2025 Change‬
Revenues 15.71 2.11 (86.6 %)
Gross Income (7.94) 1.03 112.9 %
Operating Income (20.23) (13.41) 33.7 %
Net Income (19.77) (11.60) 41.3 %
Average Shares 6.70 6.70 -
Earnings Per Share before unusual items (Riyals) (2.95) (2.47) 16.4 %
EPS (Riyal) (2.95) (1.73) 41.3 %

The decline in losses was driven by lower production costs in its fish and shrimp farming operations.

 

However, sales dropped due to a temporary halt in wholesale activities and production cycles during the period.



Current Quarter Comparison (M)

Compared With The
Item Q2 2024 Q2 2025 Change‬
Revenues 6.58 1.05 (84.0 %)
Gross Income (5.15) 0.53 110.3 %
Operating Income (11.25) (7.50) 33.3 %
Net Income (10.81) (10.45) 3.4 %
Average Shares 6.70 6.70 -
Earnings Per Share before unusual items (Riyal) (1.61) (1.56) 3.4 %
EPS (Riyal) (1.61) (1.56) 3.4 %

In Q2 2025, Saudi Fisheries’ net losses shrank by 3.4% to SAR 10.45 million from SAR 10.81 million in Q2 2024.

 

Compared to Q1 2025, net losses widened from SAR 1.15 million.

 

Total shareholders’ equity, no minority interest, fell to SAR 63.96 million by June 30, 2025, compared to SAR 96.50 million a year ago.

 

By the end of H1 2025, accumulated losses amounted to SAR 4.12 million, representing 6.2% 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 %
Q2 2025 1.05 (84.0 %) 0.53 110.3 % (7.50) 33.3 %


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)
Q2 2025 (10.45) 3.4 % (1.56) - (10.45) (1.56)

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 %)
Q2 2025 (36.44 %) (539.61 %) (910.86 %)


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
Q2 2025 6.70 (4.90) (7.41) 9.55

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
Q2 2025 NEG NEG 10.73

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 - - - - - -
Q2 2025 - 1.05 - - - - - -

Current
Market Cap (M Riyal) 402.00
Enterprise Value (EV) (M Riyal) 390.27
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 7.04
Return on Average Assets (%) (TTM) (6.10 )
Return on Average Equity (%) (TTM) (17.63 )
EV/adj EBITDA (26.85)
EV/Revenues 83.02

Share Price

60.00
(2.25) (3.61 %)

Saudi Fisheries Co. (SFICO)


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