Saudi Fisheries Records Losses of SR34 mln at End of 2021, by 16%

The Saudi Fisheries Company recorded losses after zakat and tax of SR34 million during the year 2021, compared to a loss of SR40 billion during the year before last, a decrease of 16%.

This came after Saudi Fisheries announcement on Tuesday the estimated annual financial results for the period ending on 31.12.2021 (12 months).

The operational loss during the current period amounted to SR31 million, compared to a loss of SR34 million during the same period of the previous year, a decrease of 10%.

The gross profit during the current period, it amounted to SR17 million, compared to SR3 million during the same period last year, an increase of 518%.

The loss per share during the current period amounted to SR0.85, compared to a loss of SR1.4 during the same period last year.

‎-‎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 SR12 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.‎

The company said in a statement ‎that the certain items and disclosures of the comparative year’s financial statements ‎have been reclassified to comply with the current period presentation. ‎

‎-‎Total accumulated losses at the end of the current year amounted to ‎SR128.6 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 SR1.56 to ‎SR 1.40 due to restatement of Capital increase expenses to ‎retained profits based on international standards.