Saudi Fisheries Q1 losses shrink 11.5%

Sales increased 17.3% to $3.20mln in Q1-21

Riyadh – Saudi Fisheries Company posted an annual decline of 11.5% in net loss after Zakat and tax to SAR 9.74 million during the first quarter (Q1) of 2021 from SAR 11.01 million in Q1-20.

The company’s loss per share stood at SAR 0.24 in Q1-21, compared with SAR 1.09 in Q1-20, according to the initial income statement.

Sales increased 17.3% year-on-year (YoY) to SAR 12.01 million in Q1-21 from SAR 10.24 million in Q1-20.

On a quarterly basis, the net losses in Q1-21 narrowed 34.6% from SAR 14.91 million in the fourth quarter (Q4) of 2020.

Revenues meanwhile grew 10.69% quarter-on-quarter (QoQ) from SAR 10.85 million in Q4-20.

Until the end of March 2021, Saudi Fisheries’ accumulated losses stood at SAR 104.56 million, accounting for 26.14% of the capital.

Last year, net losses widened 36.9% on an annual basis to stand at SAR 45.2 million.

Source: Mubasher

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