‎“Fisheries” losses jump by 101% during 2022, to SR69 million‎

Saudi Fisheries Company revealed that the net loss after zakat and tax increased during the year ending on December 31, 2022 to 68.7 million riyals, compared to 34.1 million riyals last year, at a rate of 101%. This came after today’s announcement of the annual financial results ending in 2022-12. -31.

The operational loss amounted to 64.4 million riyals during the year ending on December 31, 2022, compared to 30.8 million riyals in the previous year, an increase of 109%.

The total shareholders’ equity “without minority rights” amounted to 203 million riyals in the current year, compared to 271.2 million riyals in the previous year, a decline of 25%.

The loss per share in the current year reached 1.72 riyals, compared to 0.85 riyals in the previous year.

The reason for the increase in the net loss for the year 2022 by 34.6 million riyals compared to the previous year is due to the following:

-  An increase in the cost of sales by 25 million riyals, mainly due to the increase in fixed and variable operating and production costs in farms due to the restart of farms in addition to the long period of production and harvest.

-  A loss of 3.5 million riyals as a result of the evaluation of biological assets, compared to the positive impact of the evaluation in 2021 in the amount of 12 million riyals.

Despite the following:

-  An increase in revenues by 3% compared to the previous year, noting that the sources of revenue differed for the current year, as revenues from farms represented 44% compared to 14% in the previous year, and shops by 47% compared to 69% for the previous year.

– A decrease in general and administrative expenses, as well as selling and marketing expenses. Other revenues increased by 2.7 million riyals

The company’s management is currently working on implementing effective measures to meet the challenges during the third production cycle (ending in 2023), including reducing fixed costs and making significant improvements to variable costs, and is constantly working to enhance the business model and operations, in addition to the measures taken to address losses, exploring new markets and innovative methods to attract customers, which it believes will enhance competitiveness and stimulate business in the future.