Saudi Fisheries turns to SAR 9M loss in Q1 2024

Saudi Fisheries turns to SAR 9M loss in Q1 2024

19/05/2024 Argaam Exclusive

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Saudi Fisheries Co. reported a net loss of SAR 9 million for Q1 2024, against a net profit of SAR 20,000 a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 11.60 9.13 (21.3 %)
Gross Income 0.30 (1.96) (753.7 %)
Operating Income (10.89) (8.15) 25.1 %
Net Income 0.02 (8.96) (44885.5 %)
Average Shares 40.00 40.00 -
EPS (Riyals) 0.00 (0.22) (44885.5 %)

The losses were mainly due to a decline in retail segment revenues on the closure of several stores. This was in addition to higher production costs at the farm during the current quarter.

 

Further, Q1 2023 included other income from the expropriation of company buildings by the ‎government in Jeddah, which positively impacted operating ‎profit last period. ‎

 

On a sequential basis, the company widened Q1 2024 loss from SAR 45.21 million in Q4 2023.

 

Total shareholders’ equity, no minority interest, reached SAR 135.83 million as of March 31, 2024, compared to SAR 235.82 million in the prior-year period.

 

Accumulated losses reached SAR 264.98 million as of March 31, 2024, accounting for 66% of capital.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q4 2021 13.80 27.2 % 7.69 174.2 % (8.21) 37.3 %
Q1 2022 16.98 41.3 % (9.61) (2472.1 %) (20.63) (106.2 %)
Q2 2022 12.28 25.3 % 6.18 215.2 % (4.30) 52.3 %
Q3 2022 9.81 (18.1 %) (12.28) (132.3 %) (23.06) (24.8 %)
Q4 2022 9.75 (29.4 %) (1.96) (125.6 %) (12.43) (51.5 %)
Q1 2023 11.60 (31.7 %) 0.30 103.1 % (10.89) 47.2 %
Q2 2023 15.96 30.0 % (1.53) (124.8 %) (12.65) (194.5 %)
Q3 2023 15.11 54.1 % (7.89) 35.8 % (25.85) (12.1 %)
Q4 2023 9.54 (2.2 %) (0.07) 96.4 % (8.15) 34.4 %
Q1 2024 9.13 (21.3 %) (1.96) (753.7 %) (8.15) 25.1 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
Q4 2021 3.66 125.2 % 0.09 - 3.66 0.09
Q1 2022 (0.39) 96.0 % (0.01) - (0.39) (0.01)
Q2 2022 (6.98) 27.5 % (0.17) - (6.98) (0.17)
Q3 2022 (26.38) (42.9 %) (0.66) - (26.38) (0.66)
Q4 2022 (29.64) (909.2 %) (0.74) (4.84) (24.80) (0.62)
Q1 2023 0.02 105.2 % 0.00 8.97 (8.95) (0.22)
Q2 2023 (12.74) (82.5 %) (0.32) (6.00) (6.74) (0.17)
Q3 2023 (34.38) (30.3 %) (0.86) - (34.38) (0.86)
Q4 2023 (45.21) (52.5 %) (1.13) (5.25) (39.96) (1.00)
Q1 2024 (8.96) (44885.5 %) (0.22) - (8.96) (0.22)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q4 2021 10.02 % (73.56 %) (71.84 %)
Q1 2022 (9.98 %) (88.16 %) (47.23 %)
Q2 2022 (1.87 %) (76.38 %) (40.29 %)
Q3 2022 (15.17 %) (89.57 %) (56.91 %)
Q4 2022 (36.20 %) (100.14 %) (119.93 %)
Q1 2023 (17.88 %) (89.37 %) (154.51 %)
Q2 2023 (32.84 %) (100.12 %) (141.93 %)
Q3 2023 (21.14 %) (96.02 %) (142.84 %)
Q4 2023 (17.60 %) (87.67 %) (172.46 %)
Q1 2024 (23.02 %) (86.70 %) (181.03 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2021 40.00 (0.85) (0.85) 6.78
Q1 2022 40.00 (0.62) (0.62) 6.39
Q2 2022 40.00 (0.55) (0.55) 7.10
Q3 2022 40.00 (0.75) (0.75) 6.44
Q4 2022 40.00 (1.58) (1.46) 5.90
Q1 2023 40.00 (1.57) (1.68) 5.90
Q2 2023 40.00 (1.72) (1.67) 5.58
Q3 2023 40.00 (1.92) (1.87) 4.72
Q4 2023 40.00 (2.31) (2.25) 3.62
Q1 2024 40.00 (2.53) (2.25) 3.40

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2021 NEG NEG 6.71
Q1 2022 NEG NEG 6.94
Q2 2022 NEG NEG 4.78
Q3 2022 NEG NEG 5.13
Q4 2022 NEG NEG 4.56
Q1 2023 NEG NEG 4.60
Q2 2023 NEG NEG 5.49
Q3 2023 NEG NEG 5.48
Q4 2023 NEG NEG 6.74
Q1 2024 NEG NEG 7.51

Business Segments (Million)

Compared With The
Period Farm Retail Sales Wholesale Other Sales Fishes Shrimp Shrimp Farm Others
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 - - - -
Q1 2022 - 7.85 9.13 - - - - -
Q2 2022 - 5.16 7.11 - - - - -
Q4 2022 3.45 5.04 1.26 - - - - -
Q1 2023 3.47 3.96 4.17 - - - - -
Q2 2023 3.61 3.28 9.07 - - - - -
Q3 2023 7.23 2.83 5.05 - - - - -
Q4 2023 2.54 2.05 4.95 - - - - -
Q1 2024 1.03 1.63 6.47 - - - - -


Financial Ratios
Current
Market Cap (M Riyal) 945.60
Enterprise Value (EV) (M) 954.02
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 13.95
Return on Average Assets (%) (TTM) (37.60 )
Return on Average Equity (%) (TTM) (73.00 )
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Share Price

Saudi Fisheries Co.
23.64
(0.14) (0.59 %)

Saudi Fisheries Co. (SFICO)

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