Saudi Fisheries deepens losses to SAR 23.5 mln in H1 2022; Q2 at SAR 8 mln

22/08/2022 Argaam Exclusive

Saudi Fisheries Co. widened net losses after Zakat and tax to SAR 23.5 million in H1 2022, compared to SAR 19.4 million in the year-ago period, mainly due to the increased production costs at the shrimp farm.

 

However, the company noted 34% year-on-year (YoY) growth in sales.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 21.81 29.26 34.1 %
Gross Income 2.36 (3.43) (245.2 %)
Operating Income (19.02) (24.93) (31.1 %)
Net Income (19.38) (7.37) 62.0 %
Average Shares 40.00 40.00 -
EPS (Riyals) (0.48) (0.18) 62.0 %

In Q2 2022, net loss after Zakat and tax narrowed 16.7% YoY to SAR 8 million, as sales rose 25% YoY. In addition, the company noted better control on the cost of revenue.

 

On a sequential basis, Q2 net loss nearly halved from SAR 15.5 million.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 9.80 12.28 25.3 %
Gross Income 1.96 6.18 215.2 %
Operating Income (9.01) (4.30) 52.3 %
Net Income (9.63) (6.98) 27.5 %
Average Shares 40.00 40.00 -
EPS (Riyals) (0.24) (0.17) 27.5 %

Shareholders’ equity, after minority interest, stood at SAR 247.730 million as of June 30, 2022, compared to SAR 271.269 million a year earlier.

 

Accumulated losses amounted to SAR 152.166 million as of June 30, 2022, representing 38% of the company's capital.

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Share Price

Saudi Fisheries Co.
23.50
0.00 0.00 %

Saudi Fisheries Co. (SFICO)

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Financial Ratios
Current
Market Cap (M Riyal) 940.00
Enterprise Value (EV) (M) 948.42
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 13.86
Return on Average Assets (%) (TTM) (37.60 )
Return on Average Equity (%) (TTM) (73.00 )
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
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 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
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)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q4 2021 10.02 % (73.56 %) (71.84 %)
Q1 2022 (9.98 %) (88.16 %) (47.23 %)
Q2 2022 (1.87 %) (76.38 %) (40.29 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2021 NEG NEG 6.71
Q1 2022 NEG NEG 6.94
Q2 2022 NEG NEG 4.78

Business Segments (Million)

Compared With The
Period Farm Retail Sales Wholesale Other Sales Fishes Shrimp Shrimp Farm Others
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 - - - -
Q1 2022 - 7.85 9.13 - - - - -
Q2 2022 - 5.16 7.11 - - - - -

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