Saudi Fisheries Records losses of SR18 mln during the 3Q, an increase of 199%

The Saudi Fisheries Company recorded losses after zakat and tax of SR18.46 million during the third quarter, compared to losses of SR6.17 million during the same quarter of the previous year, an increase of 199.44%.

This comes after Saudi Fisheries Co. announced on Wednesday its interim financial results for the period ending on 2021-09-30 (nine months).

The operational loss amounted to SR17.79 million during the third quarter, compared to losses of SR6.04 million during the same quarter of the previous year, an increase of 194.45%.

The total profit amounted to SR3.4 million during the third quarter, compared to SR5 million during the same quarter of the previous year, a decline of 32.38%.

The net loss after zakat and tax during the current period amounted to SR37.84 million, compared to a loss of SR26.11 million during the same period of the previous year, an increase of 44.97%.

The loss per share during the current period amounted to SR0.95, compared to a loss of SR0.15 during the same period of the previous year.

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 In spite of ‎increased sales by 24 % is mainly due to ‎the impairment of Hurdiah ‎Farm increase in selling and marketing expenses, general & ‎administration, marketing campaign expenses, as well as ‎increase in ‎operating expenses especially in vessels.

The reason for the increase in net loss for the current quarter compared ‎‎to the net loss for previous quarter In spite of increased sales by ‎‎22.18% is mainly due to ‎the impairment of Hurdiah Farm and the ‎impact of inventory adjustment

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 In spite of ‎increased sales by 12% is mainly due to ‎the impairment of Hurdiah ‎Farm.

This improvement contributed to ‎containing the increase in farm ‎expenses as a result of starting the ‎aquaculture operations in 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.‎

Total accumulated losses as of June 30th, 2021, amounted to ‎‎‎SR132,664,556, equivalent to 33.17% of the capital, of which ‎‎‎SR94,816,712 pertain to previous years, and SR37,847,844 ‎‎representing the current year’s losses.