Saudi Fisheries Co. announces its Annual Financial Results for the Period Ending on 2021-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 47,586 | 40,948 | 16.21 | ||
| Gross Profit (Loss) | 16,852 | 2,728 | 517.741 | ||
| Operational Profit (Loss) | -30,838 | -34,350 | -10.224 | ||
| Net Profit (Loss) after Zakat and Tax | -34,185 | -40,650 | -15.904 | ||
| Total Comprehensive Income | -34,126 | -40,819 | -16.396 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 271,269 | 305,395 | -11.174 | ||
| Profit (Loss) per Share | -0.85 | -1.4 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | -Sales increased by 16% comparing to the previous year due to resume operating the shrimp farms in Al-Huraidah.
-The increase in the Gross profit due to the gains from the revaluation of biological assets by an amount of SAR 12 million. -The cost of sales decreased to 90% of gross sales compared to 94% of the previous year because of operating shrimp farm and decreasing fixed costs of production units. -Other income increased by 39% from the interest of a Murabaha deposit. -18% increase in marketing and sales expenses due to Subscriptions and promotions at restaurant delivery apps. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Reclassification of Comparison Items | Certain items and disclosures of the comparative year’s financial statements have been reclassified to comply with the current period presentation. |
| Additional Information | -Total accumulated losses at the end of the current year amounted to SAR 128.6 million, equivalent to 32.15% of the capital as of December 31st, 2021. The company is confirming its adherence with the procedures and instructions issued by the capital market authority for the listed companies in the Saudi Stock Market with accumulated losses of 20% or more of its capital.
-The company has implemented the IAS. 41 which sets out the accounting for agricultural activity and transformation of biological assets -The company has implemented IFRS 13 to measure the fair value of biological assets. -The company has reassessed the ages of some fixed assets (buildings, equipment and machinery) due to the difference between the market ages and the ages assessed in the balance sheet. -The Loss per share of comparative year decreased from SAR1.56 to SAR 1.40 due to restatement of Capital increase expenses to retained earning based on international standards. |
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