The preliminary results of the Saudi Fisheries Company recorded an increase in losses by 199.4% to reach, after zakat and tax, 18.46 million riyals during the third quarter of 2021, compared to 6.16 million riyals in the same period of the year 2020.
According to Arabi Net, on a quarterly basis, the company’s losses increased by 91.65% in the third quarter, compared to a loss of 9.63 million riyals in the second quarter of 2021.
The company said in a statement on Saudi Arabia's Tadawul today, Wednesday, that 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 is due to the impairment of the property value at Al-Huraidah Farm.
The company also indicated an increase in general and administrative expenses and the expenses of the fishing fleet and farms, as a result of the company's recent maintenance work and the appointment of new staff in preparation for the start of operating the completely suspended work units.
The company stated that the increase in losses comes despite an increase in sales by 24% to 11.97 million riyals, compared to 9.63 million riyals in the same period of the year 2020.
The company stated that the accumulated losses amounted to 132.664 million riyals, or 33.17% of the capital as on September 30, 2021, of which 94.816 million riyals belong to previous years, and 37.847 million riyals belong to the current year.
The company implements the procedures and instructions issued by the Capital Market Authority for companies whose shares are listed in the Capital Market Authority.
