Fish Fash Profits Decline to SR1.4 mln by End of 2021, by 64%

The net profit after zakat and tax for Fish Fash Foodstuff Factory Company declined to SR1.4 million during the year 2021, compared to SR4 million during the year before last, at a rate of 64%.

This came after Fish Fash announcement on Thursday of the annual financial results ending in 31.12.2021 (12 months).

The operational profit during the current period amounted to SR1.6 million, compared to SR4 million during the same period of the previous year, down 62%.

The gross profit during the current period, it amounted to SR8.8 million, compared to SR8.6 million during the same period last year, a growth of 1.5%.

Profits per share during the current period amounted to SR1.24, compared to SR3.48 during the same period last year.

The reason of the increase (decrease) in the net profit during the current year compared to the last year is:

Management was forced to make offers and thus lower the profit rate with production input costs rising by more than 50%.

In addition to the expenses incurred by the company on the submission the file to capital market from a financial advisory office to legal consultations with expenses amounting to (SR935626).

Due to the circumstances of the past two years due to the Corona pandemic, some customers have defaulted, forcing us to file cases against them.

This led to the application of IFRS at the time of the audit, which led to an increase in the calculation of the allocation of expected credit losses in accordance with standard 9.0 (SR1100,000), which negatively affected the final results.