Saudi Fisheries Co. announces its Interim Financial Results for the Period Ending on 2022-09-30 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 9,807 | 11,971 | -18.08 | 12,278 | -20.12 |
| Gross Profit (Loss) | -16,000 | -5,284 | 202.8 | 2,803 | - |
| Operational Profit (Loss) | -25,540 | -17,794 | 43.53 | -6,965 | 266.69 |
| Net Profit (Loss) after Zakat and Tax | -26,379 | -18,464 | 42.87 | -8,029 | 228.55 |
| Total Comprehensive Income | -26,379 | -18,464 | 42.87 | -8,029 | 228.55 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 39,065 | 33,783 | 15.63 |
| Gross Profit (Loss) | -18,967 | -2,920 | 549.55 |
| Operational Profit (Loss) | -47,326 | -35,285 | 34.12 |
| Net Profit (Loss) after Zakat and Tax | -49,918 | -37,848 | 31.89 |
| Total Comprehensive Income | -49,918 | -37,848 | 31.89 |
| Total Share Holders Equity (after Deducting Minority Equity) | 221,351 | 271,269 | -18.4 |
| Profit (Loss) per Share | -1.25 | -0.95 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| -178,546 | 400,000 | -44.63 | |
| 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 | Decrease of 18% in sales mainly due to a drop in retail sales and the higher production cost of the 2nd shrimp cycle. Furthermore, higher FCR increased shrimp costs and lower survival lead to biomass loss.
Moreover, SR 3.72 million loss due to the fair value of the biological assets during the current quarter. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | Due to the higher cost of production in the 2nd cycle which impacted unfavourable gross profit. Production cost during the previous period of the current year was comparatively lower due to less shrimp production. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Despite the increased sales by 16% compared to the same period last year, the net loss increased mainly due to the increased production costs at the shrimp farm. Longer harvest cycles and variable costs hiked up the overall production cost.
Admin cost improved showing a 7% decrease in the Selling & distribution and general admin expenses due to the cost optimization in overheads and manpower. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Reclassification of Comparison Items | N/A |
| Additional Information | Total accumulated losses at the end of the third quarter amounted to SAR 178.5 million, equivalent to 44.63% of the capital as of September 30th, 2022. The company is confirming its adherence to the procedures and instructions issued by the capital market authority for the listed companies in the Saudi Stock Market with accumulated losses of 35% or more of its capital |
Comments