On 2026-08-11 09:35:01 (Saudi Time), Saudi Fisheries Co. announced its Interim financial results for the six months ended on June 30, 2026.

Year-on-Year Performance Drivers

Sales declined 100% YoY in the current period (from SAR 2.11 million to nil) due to the deliberate suspension of retail and wholesale sales activities as part of an ongoing company restructuring initiative and management's strategy to refocus on core operations with higher economic viability, while also working to complete the SARA agreement and the acquisition of 51% of Al-Haridha Company. Despite zero revenue, the net loss attributable to shareholders narrowed by 63.677% YoY to SAR 4.21 million (from SAR 11.60 million), primarily driven by a 100% reduction in selling and distribution expenses and a 46% decrease in general and administrative expenses largely due to lower personnel costs.

Quarter-on-Quarter Performance Drivers

QoQ revenue fell 100% (from SAR 1.00 million to nil) due to the deliberate suspension of retail and wholesale sales activities as part of an ongoing restructuring initiative and management's strategy to refocus on core operations with higher economic viability. Net loss widened by 205.684% QoQ, deepening from SAR -1.04 million to SAR -3.17 million, driven by the operational impact of ceasing retail and wholesale activities and a write-down from the revaluation of suspended construction projects.

Other Items

Saudi Fisheries Co.'s interim financial statements for the six months ended June 30, 2026 received an unmodified conclusion from the external auditors. However, the auditors included an emphasis of matter noting that, pursuant to Royal Decree No. 41355 dated 10 Ramadan 1433H (July 29, 2012), title deeds for two plots of land in Riyadh and Jeddah were transferred to the Group in consideration for the State's share in the Group's capital, yet these assets were not recognized in the Group's books at the time of transfer despite meeting the recognition criteria under IAS 16. Management subsequently corrected this accounting error by recognizing the assets at their fair value against a proposed increase in share capital amounting to SAR 44,940,973, pending completion of the relevant regulatory procedures, with the impact reflected in comparative figures as at January 1, 2025 and December 31, 2025. Additionally, comparative figures for the prior period were reclassified to separately present the results of continuing and discontinued operations, as discontinued operations had not been presented separately in the statement of profit or loss for the period ended June 30, 2025; these reclassifications had no impact on previously reported assets, liabilities, equity, or results of operations. Accumulated losses stood at SAR 20,910 thousand, representing 31.2% of capital. Total shareholders' equity (after deducting minority equity) declined 16.423% to SAR 91,016 thousand from SAR 108,902 thousand in the same period of the prior year. Loss per share for the current period was SAR -0.63, compared to SAR -1.73 in the prior year period.

Original announcement:

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