Saudi Fisheries widens net loss to SAR 37.9 mln in 9M 2021

Saudi Fisheries widens net loss to SAR 37.9 mln in 9M 2021

03/11/2021 Argaam Exclusive

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Saudi Fisheries Co. (Alasmak) widened its net loss after Zakat and tax to SAR 37.9 million for the first nine months of 2021, from SAR 26.1 million in the same period a year earlier.



Financials (M)

Item 9m 2020 9m 2021 Change‬
Revenues 30.10 33.78 12.3 %
Gross Income 12.71 (2.92) (123.0 %)
Operating Income (23.62) (37.50) (58.7 %)
Net Income (26.11) (37.85) (45.0 %)
Average Shares 40.00 40.00 -
EPS (Riyals) (0.65) (0.95) (45.0 %)

The company attributed the increase in net loss to the impairment of Hurdiah Farm and higher selling and marketing expenses caused by the increase in bad debt provision and marketing campaign expenses, in addition to the increase in Zakat and other operating expenses.



Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Revenues 9.64 11.97 24.2 %
Gross Income 5.04 (5.28) (204.9 %)
Operating Income (6.39) (18.48) (189.2 %)
Net Income (6.17) (18.46) (199.4 %)
Average Shares 40.00 40.00 -
EPS (Riyals) (0.15) (0.46) (199.4 %)

The company widened its net loss after Zakat and tax to SAR 18.5 million in Q3 2021, compared to SAR 6.2 million in the same quarter last year.

 

On a quarterly basis, the company widened its losses in Q3 2021 from SAR 9.6 million in Q2 2021.

 

Accumulated losses stood at SAR 132.665 million as of Sept. 30, 2021, representing 33.17% of the company’s SAR 400 million capital.

 

Total shareholders’ equity reached SAR 267.173 million at the end of September 2021, declining from SAR 320.106 million in the same period last year.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q3 2020 9.64 55.9 % 5.04 192.3 % (6.39) 26.5 %
Q4 2020 10.85 15.9 % (10.36) (503.8 %) (13.09) (115.3 %)
Q1 2021 12.01 17.3 % 0.41 (88.1 %) (10.01) (2.8 %)
Q2 2021 9.80 (4.1 %) 1.96 (54.0 %) (9.01) (20.2 %)
Q3 2021 11.97 24.2 % (5.28) (204.9 %) (18.48) (189.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
Q3 2020 (6.17) 39.1 % (0.15) - (6.17) (0.15)
Q4 2020 (14.54) (320.4 %) (0.36) 0.50 (15.04) (0.38)
Q1 2021 (9.75) 11.5 % (0.24) - (9.75) (0.24)
Q2 2021 (9.63) (7.9 %) (0.24) - (9.63) (0.24)
Q3 2021 (18.46) (199.4 %) (0.46) - (18.46) (0.46)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q3 2020 38.71 % (47.74 %) (74.92 %)
Q4 2020 5.75 % (63.17 %) (100.50 %)
Q1 2021 (1.54 %) (60.54 %) (93.36 %)
Q2 2021 (6.99 %) (64.00 %) (95.96 %)
Q3 2021 (29.75 %) (83.84 %) (118.50 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2020 40.00 (0.74) (0.74) 8.00
Q4 2020 40.00 (1.02) (1.03) 7.63
Q1 2021 40.00 (0.98) (1.00) 7.38
Q2 2021 40.00 (1.00) (1.01) 7.14
Q3 2021 40.00 (1.31) (1.32) 6.68

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2020 NEG NEG 6.71
Q4 2020 NEG NEG 7.19
Q1 2021 NEG NEG 7.33
Q2 2021 NEG NEG 8.58
Q3 2021 NEG NEG 8.44

Business Segments (Million)

Compared With The
Period Retail Sales Wholesale Other Sales Fishes Shrimp Shrimp Farm Others
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
Q3 2020 - - - 4.02 0.84 - 4.78
Q1 2021 8.97 1.54 1.51 - - - -
Q2 2021 7.03 2.73 0.04 - - - -
Q3 2021 7.38 3.73 0.87 - - - -

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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