Saudi Fisheries Co. announces its Interim Financial results for the Period Ending on 2025-09-30 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 1,103 | 1,850 | -40.378 | 1,050 | 5.047 |
| Gross Profit (Loss) | 570 | -2,680 | - | 532 | 7.142 |
| Operational Profit (Loss) | -5,823 | -24,241 | -75.978 | -9,383 | -37.94 |
| Net profit (Loss) | -6,888 | -28,698 | -75.998 | -10,447 | -34.067 |
| Total Comprehensive Income | -6,888 | -28,698 | -75.998 | -10,447 | -34.067 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 3,215 | 17,556 | -81.687 |
| Gross Profit (Loss) | 1,594 | -10,617 | - |
| Operational Profit (Loss) | -16,647 | -41,615 | -59.997 |
| Net profit (Loss) | -18,484 | -48,469 | -61.864 |
| Total Comprehensive Income | -18,484 | -48,469 | -61.864 |
| Total Shareholders Equity (after Deducting Minority Equity) | 57,073 | 67,803 | -15.825 |
| Profit (Loss) per Share | -2.76 | -7.24 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | -11,010 | 16.4 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | Sales in the current quarter declined by 40% compared to the same quarter of the previous year. This decrease is mainly attributed to the reduction in the number of operating retail outlets and Wholesale, as sales in the same quarter of the previous year included revenue from six shops and several wholesale customers, whereas in the current quarter of 2025, sales were generated only from five shops with no wholesale activity. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | - The net loss decreased by 76 % compared to the previous year’s same quarter, primarily due to:
• Lower farm-related expenses are associated with shrimp and fish production. • Lower operating expenses due to decreased trade Sales. • Lower G&A, S&M, finance cost & Zakat expense as compared to previous year’s same quarter |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | Sales in the current quarter increased by 5.1% compared to the previous quarter. This increase is mainly due to some promotional sales and a gradual recovery in retail activity, supported by improved customer footfall. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The net loss decreased by 34.1% compared to the previous quarter, mainly due to the impairment on non-financial assets of 2.6 million and decrease the G&A costs comparing to the previous quarter. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | Sales fell by 81.7% in the current period compared with the corresponding period of the previous year, mainly due to the temporary suspension of wholesale operations and production cycles during the period, as well as a reduction in retail sales. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The net loss decreased by 162.2% compared to the corresponding period of the previous year, largely due to lower farm-related costs for shrimp and fish production. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | MATERIAL UNCERTAINTIES RELATED TO GOING CONCERN
We draw attention to Note 2.5 to the accompanying interim condensed financial statements, which states that the Company’s current liabilities exceed the current assets by SAR 71.549 million (2024: SAR 60.432 million) which indicates that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern. Our conclusion is not modified in respect of these matters. |
| Reclassification of Comparison Items | There is no |
| Additional Information | The Extraordinary General Assembly approved on 26-01-2025 the reduction of the Company’s capital from SAR 400,000,000 to SAR 66,986,040, divided into 6,698,604 shares with a nominal value of SAR 10 per share.
As a result of the capital reduction, the EPS for the same period of 2024 has been adjusted from 40,000,000 shares to 6,698,604 shares. Based on this adjustment: • EPS for the same period of 2024 was (1.21) SAR per share based on the original capital, and (7.24) SAR per share after recalculation following the capital reduction. |
Comments