Saudi Fisheries Co. announces its Interim Financial Results for the Period Ending on 2021-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 9,798 | 10,217 | -4.101 | 12,013 | -18.438 |
| Gross Profit (Loss) | 5,499 | 4,257 | 29.175 | 6,283 | -12.478 |
| Operational Profit (Loss) | -8,315 | -7,224 | 15.102 | -10,008 | -16.916 |
| Net Profit (Loss) after Zakat and Tax | -9,634 | -8,925 | 7.943 | -9,749 | -1.179 |
| Total Comprehensive Income | -9,634 | -8,925 | 7.943 | -9,749 | -1.179 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 21,812 | 20,459 | 6.613 |
| Gross Profit (Loss) | 11,782 | 7,674 | 53.531 |
| Operational Profit (Loss) | -17,491 | -16,352 | 6.965 |
| Net Profit (Loss) after Zakat and Tax | -19,384 | -19,941 | -2.793 |
| Total Comprehensive Income | -19,384 | -19,941 | -2.793 |
| Total Share Holders Equity (after Deducting Minority Equity) | 285,638 | 326,273 | -12.454 |
| Profit (Loss) per Share | -0.48 | -0.5 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| -114,200 | 400,000 | -28.55 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The reason for the increase in net loss for the current quarter compared to the net loss for the same quarter of the previous year is mainly due to the increase in selling and marketing expenses caused by the increase in bad debt provision and marketing campaign expenses, as well as he increase in Zakat expense and other operating expenses. The increase in the losses has eroded the improvement in the gross profit resulted from the decrease in costs, and the decrease in financing costs as a result of the bank loan settlement that took place during the month of July 2020. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is | The reason for the decrease in the net loss of the current quarter compared to the net loss of the previous quarter is mainly due to charging the inventory of shrimp produced during the period with the direct production costs. This has contributed positively in containing the decrease in sales during the current quarter, and the increase in selling and marketing expenses caused by the increase in bad debt provision and marketing campaign expenses, as well as containing the increase in Zakat expense and other operating expenses. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The reason for the decrease in the net loss for the current period compared to the net loss for the same period of the previous year is mainly due to the improvement in gross profit by 54% benefiting from the increase sales and decrease in costs, in addition to the decrease in financing costs as a result of the bank loan settlement that took place during the month of July 2020. This improvement contributed to containing the increase in farm expenses as a result of starting the aquaculture operations in Al Al-Hurairah at the end of year 2020, as well as containing the increase in selling and marketing expenses caused by the increase in bad debt provision and marketing campaign expenses, and the increase in Zakat and other operating expenses. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Reclassification of Comparison Items | N/A |
| Additional Information | - Total accumulated losses as of June 30th, 2021, amounted to 113,703,694 riyals, equivalent to 28.55% of the capital, of which 94,816,712 riyals pertain to previous years, and 18,886,982 riyals representing the current year’s losses. 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.
- Based on the company's extraordinary general assembly meeting on 21 Ramadan 1441 AH corresponding to May 2020 AD, the shareholders decided to increase the company's capital from 101,100,000 riyals to 400,000,000 riyals.
- The company has implemented IFRS 16 as of January 1st, 2019.
- The comparative year of the income statement has been modified to reflect the reclassification of the expense amount related to the capital increase project (Rights Issue Expenses) that took place during the first half of the year 2020. An amount of SR 4,190K was reversed from the expense account in the income statement and deducted directly from equity to be in conformity with the International Accounting Standard No. 32, paragraphs 37 and 38. |
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