Alasmak widens net losses to SAR 24.1 mln in H1 2020

Alasmak widens net losses to SAR 24.1 mln in H1 2020

24/08/2020 Argaam Exclusive

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Saudi Fisheries Co. (Alasmak) widened net losses after Zakat and tax to SAR 24.1 million for H1 2020, from SAR 19.4 million a year earlier.

 

The increase in net losses came despite an over twofold increase in sales, as the first half included capital hike expenses, higher general and administrative expenses, as well as finance charges. The company also incurred expenses of fishing fleet and farms, due to maintenance and staff appointment.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Revenues 9.78 20.46 109.1 %
Gross Income 2.62 7.67 192.8 %
Operating Income (17.44) (17.23) 1.2 %
Net Income (19.44) (19.94) (2.6 %)
Average Shares 21.54 40.00 85.7 %
EPS (Riyals) (0.90) (0.50) 44.8 %

In Q2 2020, net losses after Zakat and tax also increased by 28.7% to SAR 13.1 million from SAR 10 million in prior-year period, due to the SAR 4.2 million capital hike expenses, higher general and administrative expenses, as well as finance charges. The company also incurred expenses of fishing fleet and farms. Adjusting for the capital hike expenses, the second quarter net losses would drop to SAR 8.9 million.

 

When compared to the previous quarter, net losses widened by 19% from SAR 11 million.

 

Accumulated losses reached SAR 73.7 million, or 18.43% of capital in H1 2020.



Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Revenues 4.47 10.22 128.4 %
Gross Income 1.30 4.26 228.7 %
Operating Income (8.66) (7.50) 13.4 %
Net Income (10.19) (8.93) 12.4 %
Average Shares 21.54 40.00 85.7 %
EPS (Riyals) (0.47) (0.22) 52.8 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2011 26.70 3.7 % 4.59 (13.6 %) (4.52) 11.0 %
Q2 2011 27.59 (9.1 %) 4.87 2.8 % (4.60) 15.7 %
Q3 2011 15.53 (23.1 %) 3.36 7.6 % (5.50) 15.5 %
Q4 2011 16.71 (22.6 %) (15.15) (434.7 %) (24.74) (257.8 %)
Q1 2012 18.45 (30.9 %) 1.03 (77.5 %) (7.43) (64.4 %)
Q2 2012 19.50 (29.3 %) 0.81 (83.3 %) (7.89) (71.6 %)
Q3 2012 14.03 (9.7 %) (0.48) (114.2 %) (9.76) (77.6 %)
Q4 2012 18.37 10.0 % (1.25) 91.7 % (11.18) 54.8 %
Q1 2013 21.00 13.9 % 4.07 294.1 % (8.07) (8.5 %)
Q2 2013 18.47 (5.3 %) (4.00) (592.8 %) (11.84) (50.1 %)
Q3 2013 17.62 25.6 % (2.35) (392.5 %) (8.93) 8.6 %
Q4 2013 20.45 11.3 % 2.64 310.9 % (14.24) (27.3 %)
Q1 2014 22.74 8.3 % (0.01) (100.2 %) (8.59) (6.4 %)
Q2 2014 18.43 (0.2 %) (4.11) (2.9 %) (13.04) (10.1 %)
Q3 2014 17.31 (1.7 %) 0.95 140.2 % (8.55) 4.2 %
Q4 2014 21.43 4.8 % 0.37 (86.1 %) (11.78) 17.3 %
Q1 2015 24.43 7.5 % 0.32 4075.0 % (9.02) (5.0 %)
Q2 2015 21.00 13.9 % 0.78 118.9 % (8.03) 38.4 %
Q3 2015 18.69 7.9 % (6.53) (789.7 %) (14.96) (75.0 %)
Q4 2015 19.26 (10.1 %) (2.08) (667.6 %) (11.49) 2.4 %
Q1 2016 19.48 (20.3 %) 0.34 6.0 % (8.44) 6.4 %
Q2 2016 16.88 (19.6 %) 0.68 (12.5 %) (8.17) (1.7 %)
Q3 2016 12.73 (31.9 %) (0.15) 97.7 % (8.94) 40.3 %
Q4 2016 11.17 (42.0 %) (2.21) (6.1 %) (11.61) (1.0 %)
Q1 2017 10.97 (43.7 %) 0.04 (88.1 %) (7.59) 10.1 %
Q2 2017 7.74 (54.2 %) (0.75) (209.2 %) (8.16) 0.1 %
Q3 2017 7.69 (39.6 %) (0.68) (350.7 %) (7.92) 11.4 %
Q4 2017 9.16 (18.0 %) (1.00) 54.9 % (9.70) 16.4 %
Q1 2018 7.37 (32.8 %) (0.17) (527.5 %) (6.16) 18.8 %
Q2 2018 4.72 (38.9 %) 0.80 207.8 % (6.79) 16.9 %
Q3 2018 3.76 (51.1 %) 0.84 223.7 % (7.50) 5.2 %
Q4 2018 5.57 (39.2 %) 1.97 297.9 % (12.37) (27.5 %)
Q1 2019 5.31 (28.0 %) 0.78 557.9 % (8.78) (42.5 %)
Q2 2019 4.47 (5.3 %) 1.30 61.3 % (8.66) (27.6 %)
Q3 2019 6.18 64.5 % 1.72 106.1 % (8.70) (15.9 %)
Q4 2019 9.37 68.3 % 2.57 30.0 % (6.08) 50.8 %
Q1 2020 10.24 92.9 % 3.42 336.4 % (9.74) (10.9 %)
Q2 2020 10.22 128.4 % 4.26 228.7 % (7.50) 13.4 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2011 (4.59) 16.6 % (0.29) - (4.59) (0.29)
Q2 2011 (4.95) 23.6 % (0.31) - (4.95) (0.31)
Q3 2011 (12.21) (57.4 %) (0.77) (5.91) (6.30) (0.40)
Q4 2011 (24.32) (240.3 %) (1.13) - (24.32) (1.13)
Q1 2012 (7.77) (69.2 %) (0.36) - (7.77) (0.36)
Q2 2012 (7.90) (59.6 %) (0.37) - (7.90) (0.37)
Q3 2012 (10.06) 17.6 % (0.47) - (10.06) (0.47)
Q4 2012 (14.17) 41.7 % (0.66) - (14.17) (0.66)
Q1 2013 (8.73) (12.4 %) (0.41) - (8.73) (0.41)
Q2 2013 (14.04) (77.7 %) (0.65) - (14.04) (0.65)
Q3 2013 (9.79) 2.7 % (0.45) - (9.79) (0.45)
Q4 2013 (16.42) (15.9 %) (0.76) - (16.42) (0.76)
Q1 2014 (10.32) (18.2 %) (0.48) - (10.32) (0.48)
Q2 2014 (13.77) 1.9 % (0.64) - (13.77) (0.64)
Q3 2014 (10.62) (8.5 %) (0.49) - (10.62) (0.49)
Q4 2014 (11.72) 28.6 % (0.54) - (11.72) (0.54)
Q1 2015 (10.99) (6.5 %) (0.51) - (10.99) (0.51)
Q2 2015 (9.82) 28.7 % (0.46) - (9.82) (0.46)
Q3 2015 (16.88) (58.9 %) (0.78) - (16.88) (0.78)
Q4 2015 (13.56) (15.7 %) (0.63) - (13.56) (0.63)
Q1 2016 (10.22) 7.0 % (0.47) - (10.22) (0.47)
Q2 2016 (9.66) 1.6 % (0.45) - (9.66) (0.45)
Q3 2016 (9.89) 41.4 % (0.46) - (9.89) (0.46)
Q4 2016 (12.32) 9.2 % (0.57) - (12.32) (0.57)
Q1 2017 (9.23) 9.8 % (0.43) - (9.23) (0.43)
Q2 2017 (9.28) 3.9 % (0.43) - (9.28) (0.43)
Q3 2017 (7.99) 19.2 % (0.37) - (7.99) (0.37)
Q4 2017 (14.35) (16.5 %) (0.67) (4.91) (9.45) (0.44)
Q1 2018 (5.99) 35.1 % (0.28) - (5.99) (0.28)
Q2 2018 (6.77) 27.0 % (0.31) - (6.77) (0.31)
Q3 2018 (8.73) (9.2 %) (0.41) - (8.73) (0.41)
Q4 2018 (15.77) (9.8 %) (0.73) - (15.77) (0.73)
Q1 2019 (9.25) (54.3 %) (0.43) - (9.25) (0.43)
Q2 2019 (10.19) (50.6 %) (0.47) - (10.19) (0.47)
Q3 2019 (10.13) (16.1 %) (0.47) - (10.13) (0.47)
Q4 2019 (3.46) 78.1 % (0.16) - (3.46) (0.16)
Q1 2020 (11.02) (19.1 %) (0.51) - (11.02) (0.51)
Q2 2020 (8.93) 12.4 % (0.22) - (8.93) (0.22)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2011 17.18 % (11.38 %) (26.28 %)
Q2 2011 17.81 % (12.81 %) (25.44 %)
Q3 2011 18.98 % (12.43 %) (25.15 %)
Q4 2011 (2.69 %) (35.88 %) (46.41 %)
Q1 2012 (7.52 %) (43.37 %) (55.36 %)
Q2 2012 (14.17 %) (54.57 %) (65.95 %)
Q3 2012 (20.07 %) (61.27 %) (72.86 %)
Q4 2012 0.16 % (35.78 %) (56.71 %)
Q1 2013 4.32 % (35.96 %) (56.04 %)
Q2 2013 (2.31 %) (38.97 %) (65.38 %)
Q3 2013 (4.68 %) (35.95 %) (61.92 %)
Q4 2013 0.47 % (42.73 %) (63.17 %)
Q1 2014 (4.69 %) (41.36 %) (63.79 %)
Q2 2014 (4.84 %) (43.80 %) (63.49 %)
Q3 2014 (0.67 %) (43.80 %) (64.78 %)
Q4 2014 (3.51 %) (40.45 %) (58.11 %)
Q1 2015 (3.04 %) (40.58 %) (57.73 %)
Q2 2015 2.86 % (33.65 %) (51.27 %)
Q3 2015 (5.92 %) (40.68 %) (57.76 %)
Q4 2015 (9.01 %) (41.39 %) (61.46 %)
Q1 2016 (9.55 %) (43.18 %) (64.36 %)
Q2 2016 (10.21 %) (45.79 %) (67.72 %)
Q3 2016 (1.78 %) (41.15 %) (63.40 %)
Q4 2016 (2.23 %) (45.46 %) (69.85 %)
Q1 2017 (3.17 %) (51.49 %) (79.40 %)
Q2 2017 (7.20 %) (62.73 %) (95.56 %)
Q3 2017 (9.56 %) (68.06 %) (103.33 %)
Q4 2017 (6.69 %) (69.12 %) (101.11 %)
Q1 2018 (8.10 %) (73.17 %) (102.36 %)
Q2 2018 (3.60 %) (77.72 %) (104.34 %)
Q3 2018 1.88 % (85.41 %) (123.67 %)
Q4 2018 16.06 % (112.95 %) (173.91 %)
Q1 2019 22.70 % (134.87 %) (209.26 %)
Q2 2019 25.58 % (141.58 %) (229.92 %)
Q3 2019 26.82 % (135.01 %) (210.56 %)
Q4 2019 25.13 % (87.15 %) (130.39 %)
Q1 2020 29.74 % (74.76 %) (114.98 %)
Q2 2020 33.22 % (58.39 %) (93.12 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2011 15.95 (1.63) (1.63) 6.53
Q2 2011 15.95 (1.53) (1.53) 6.22
Q3 2011 15.95 (1.81) (1.44) 5.46
Q4 2011 21.54 (2.14) (1.86) 18.13
Q1 2012 21.54 (2.29) (2.01) 17.77
Q2 2012 21.54 (2.42) (2.15) 17.75
Q3 2012 21.54 (2.32) (2.32) 17.29
Q4 2012 21.54 (1.85) (1.85) 16.28
Q1 2013 21.54 (1.90) (1.90) 15.87
Q2 2013 21.54 (2.18) (2.18) 15.22
Q3 2013 21.54 (2.17) (2.17) 14.76
Q4 2013 21.54 (2.27) (2.27) 14.00
Q1 2014 21.54 (2.35) (2.35) 13.52
Q2 2014 21.54 (2.34) (2.34) 12.88
Q3 2014 21.54 (2.37) (2.37) 12.39
Q4 2014 21.54 (2.16) (2.16) 11.85
Q1 2015 21.54 (2.19) (2.19) 11.34
Q2 2015 21.54 (2.00) (2.00) 10.88
Q3 2015 21.54 (2.29) (2.29) 10.10
Q4 2015 21.54 (2.38) (2.38) 9.47
Q1 2016 21.54 (2.34) (2.34) 8.99
Q2 2016 21.54 (2.34) (2.34) 8.54
Q3 2016 21.54 (2.01) (2.01) 8.09
Q4 2016 21.54 (1.95) (1.95) 7.42
Q1 2017 21.54 (1.91) (1.91) 7.00
Q2 2017 21.54 (1.89) (1.89) 6.57
Q3 2017 21.54 (1.80) (1.80) 6.19
Q4 2017 21.54 (1.90) (1.67) 5.69
Q1 2018 21.54 (1.75) (1.52) 5.41
Q2 2018 21.54 (1.63) (1.40) 5.09
Q3 2018 21.54 (1.66) (1.44) 4.69
Q4 2018 21.54 (1.73) (1.73) 3.98
Q1 2019 21.54 (1.88) (1.88) 3.52
Q2 2019 21.54 (2.04) (2.04) 3.04
Q3 2019 21.54 (2.10) (2.10) 2.57
Q4 2019 21.54 (1.53) (1.53) 2.39
Q1 2020 21.54 (1.62) (1.62) 1.88
Q2 2020 40.00 (0.84) (0.84) 8.16

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2011 NEG NEG 23.07
Q2 2011 NEG NEG 24.03
Q3 2011 NEG NEG 46.75
Q4 2011 NEG NEG 8.94
Q1 2012 NEG NEG 10.08
Q2 2012 NEG NEG 7.10
Q3 2012 NEG NEG 8.04
Q4 2012 NEG NEG 8.65
Q1 2013 NEG NEG 9.05
Q2 2013 NEG NEG 9.44
Q3 2013 NEG NEG 9.29
Q4 2013 NEG NEG 10.19
Q1 2014 NEG NEG 11.13
Q2 2014 NEG NEG 13.82
Q3 2014 NEG NEG 15.24
Q4 2014 NEG NEG 10.76
Q1 2015 NEG NEG 10.89
Q2 2015 NEG NEG 9.14
Q3 2015 NEG NEG 7.77
Q4 2015 NEG NEG 7.90
Q1 2016 NEG NEG 6.55
Q2 2016 NEG NEG 7.07
Q3 2016 NEG NEG 5.60
Q4 2016 NEG NEG 8.68
Q1 2017 NEG NEG 7.39
Q2 2017 NEG NEG 6.71
Q3 2017 NEG NEG 8.68
Q4 2017 NEG NEG 9.11
Q1 2018 NEG NEG 9.43
Q2 2018 NEG NEG 8.91
Q3 2018 NEG NEG 6.34
Q4 2018 NEG NEG 17.15
Q1 2019 NEG NEG 15.94
Q2 2019 NEG NEG 15.61
Q3 2019 NEG NEG 15.34
Q4 2019 NEG NEG 18.14
Q1 2020 NEG NEG 16.33
Q2 2020 NEG NEG 2.66

Business Segments (Million)

Compared With The
Period Fishes Shrimp Shrimp Farm Others
Q1 2011 14.94 9.22 - 2.53
Q2 2011 14.14 10.53 - 2.92
Q3 2011 10.85 3.09 - 1.60
Q4 2011 13.37 1.61 - 1.73
Q1 2012 13.84 2.85 - 1.75
Q2 2012 15.04 0.55 - 3.91
Q3 2012 10.60 4.44 - -
Q4 2012 14.04 2.60 - 1.74
Q1 2013 14.87 1.75 - 4.38
Q2 2013 13.38 6.17 - -
Q3 2013 11.56 4.87 - 1.19
Q4 2013 14.64 1.52 2.49 1.80
Q1 2014 15.94 5.04 - 1.75
Q2 2014 14.68 2.09 - 1.66
Q3 2014 13.78 2.05 - 1.49
Q4 2014 14.87 4.85 - 1.71
Q1 2015 16.78 1.84 4.21 1.60
Q2 2015 14.94 4.60 - 1.46
Q3 2015 13.99 3.31 - 1.38
Q4 2015 13.31 4.33 - 1.62
Q1 2016 12.28 2.41 3.27 1.53
Q2 2016 10.14 8.76 (3.27) 1.25
Q3 2016 8.37 2.99 - 1.36
Q4 2016 8.12 2.02 - 1.03
Q1 2017 7.89 2.15 - 0.92
Q2 2017 5.63 1.30 - 0.81
Q3 2017 5.55 1.41 - 0.73
Q4 2017 6.79 1.34 - 1.03
Q1 2018 5.64 0.96 - 0.77
Q2 2018 3.56 0.64 - 0.53
Q3 2018 2.90 0.47 - 0.39
Q4 2018 4.20 0.70 - 0.67
Q1 2019 4.13 0.63 - 0.55
Q2 2019 3.67 0.66 - 0.14
Q3 2019 4.32 1.06 - 0.81
Q4 2019 5.72 1.94 - 1.70
Q1 2020 3.54 0.74 - 5.96
Q2 2020 4.05 0.87 - 5.29

Current
Market Cap (M Riyal) 937.60
Enterprise Value (EV) (M) 946.02
Shares Outstanding ((M)) 40.00
EPS ( Riyal) (TTM) (2.34)
Book Value (BV) ( Riyal) 1.70
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 13.83
Return on Average Assets (%) (TTM) (37.60 )
Return on Average Equity (%) (TTM) (73.00 )

Share Price

23.44
(0.20) (0.85 %)

Saudi Fisheries Co. (SFICO)


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