Saudi Fisheries Reports SAR 1.04M Net Loss in Three Months 2026
SFICO 6050.SA | 0.00 |
On 2026-05-12 08:21:16 (Saudi Time), Saudi Fisheries Co. announced its Interim financial results for the three months ended on March 31, 2026.
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | - | 1,062 | -100 | 863 | -100 |
| Gross Profit (Loss) | - | 492 | -100 | 392 | -100 |
| Operational Profit (Loss) | -1,162 | -1,441 | -19.361 | -9,746 | -88.077 |
| Net Profit (Loss) Attributable to Shareholders of the Issuer | -1,038 | -1,149 | -9.66 | -6,868 | -84.886 |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | -1,038 | -1,149 | -9.66 | -6,868 | -84.886 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 50,287 | 74,408 | -32.417 |
| Profit (Loss) per Share | -0.155 | -0.172 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | -18,916 | 28.23 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
Year-on-Year Performance Drivers
Sales declined 100% YoY to zero as the company suspended all retail and wholesale activities as part of a restructuring initiative to focus on core activities with higher economic viability. Net loss improved by 9.66% YoY to SAR 1.04 million from SAR 1.15 million, primarily driven by significant cost reductions including a 100% decrease in selling and distribution expenses and a 56.5% reduction in general and administrative expenses due to lower workforce-related costs.
Quarter-on-Quarter Performance Drivers
QoQ revenue dropped 100% due to suspension of retail and wholesale sales activities as part of ongoing restructuring and operational strategy reassessment. Net loss improved 84.886% primarily from reduced operating expenses including 100% decrease in S&A costs, 44% reduction in G&A expenses from lower workforce costs, and 56% decrease in finance costs from reduced financing obligations.
Other Items
The auditors issued an unmodified conclusion but highlighted material uncertainty regarding going concern, as current liabilities exceeded current assets by SAR 14.559 million as of December 31, 2024, indicating potential inability to continue operations. Management's going concern assessment relies on restructuring through new limited liability companies and capital increase, with the Capital Market Authority approving a SAR 334,930,200 capital increase on April 29, 2026, subject to Extraordinary General Assembly approval and regulatory completion. Accumulated losses reached SAR 18,916 thousand, representing 28.23% of capital. Total shareholders' equity declined 32.417% to SAR 50,287 thousand from SAR 74,408 thousand in the prior year period.
Original announcement:
https://www.saudiexchange.sa/wps/portal/saudiexchange/newsandreports/issuer-news/issuer-announcements/issuer-announcements-details/?anId=95285&anCat=1&cs=6050&locale=arImportant Notice: The announcement information and market data in this report are sourced directly from the Saudi Exchange (Tadawul). This summary is generated by Sahm’s proprietary AI model for informational purposes only. While we strive for accuracy, it should not be construed as financial advice or an investment recommendation.