The Saudi Fisheries Company's losses increased by 36.9% to 45.21 million riyals in 2020, compared to a net loss of 33.03 million riyals in 2019.
According to Arabnet, the company said in a statement that despite the increase in sales by 62% from the previous year, it was accompanied by an increase in losses, due to the increase in some items. Expenses (some are non-recurring).
According to the company’s statement, the capital increase expenses (offering expenses) amounted to 4.2 million riyals, and farmer's expenses increased as a result of the start of operating the aquaculture sector in Al-Huraidah, which It was off during the previous years.
The fishing fleet's expenses related to restarting the sector increased after it stopped until the end of 2019, and the zakat expense increased as a hedge against the Zakat assessments recently received from the Zakat and Income Authority.
The company pointed to the increase in selling, marketing and administrative expenses, and the year 2019 included a reduction of some provisions after re-evaluation, in addition to the increase in marketing campaign expenses and the allowance for doubtful debts.
The company's sales increased by 61.6% to 40.9 million riyals in 2020, compared to 25.3 million riyals in 2019.
According to Al Arabiya.net's calculations, Saudi fish losses increased to about 14.9 million riyals in the fourth quarter of 2020, compared to 3.46 million riyals losses in the same quarter of 2019.
