Saudi Fisheries’ losses exceed 35% of capital

Saudi Fisheries Company said in a bourse statement on Wednesday that its accumulated losses reached SAR 77.5 million, or 38.75 percent of its capital, based on the 2017 unaudited financial results.

The company attributed these losses to lack of liquidity, which led to a decline in sales and inability to provide products for the commercial sector.

Saudi Fisheries failed to complete setting up the fodder plant and saw asset impairments losses of SAR 4.9 million.

Production was also suspended at its shrimp farm, the statement added.  

The company will take the necessary correction procedures to enhance liquidity, including the upgrade of its business strategy, raising liquidity from different financing sources, including bank loans along with the sale and leasing of unutilized assets.

The related developments will be announced later on, the company added.