Saudi Fisheries Co. (Alasmak) narrowed net losses after Zakat and tax to SAR 9.8 million for Q1 2021, from SAR 11 million in the year-earlier period.
| Item | Q1 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 10.24 | 12.01 | 17.3 % |
| Gross Income | 3.42 | 0.41 | (88.1 %) |
| Operating Income | (9.74) | (10.01) | (2.8 %) |
| Net Income | (11.02) | (9.75) | 11.5 % |
| Average Shares | 21.54 | 40.00 | 85.7 % |
| EPS (Riyals) | (0.51) | (0.24) | 52.3 % |
| Item | Q4 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 10.85 | 12.01 | 10.7 % |
| Gross Income | (10.36) | 0.41 | 103.9 % |
| Operating Income | (13.09) | (10.01) | 23.6 % |
| Net Income | (14.54) | (9.75) | 33.0 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.36) | (0.24) | 33.0 % |
The company reported an increase of 17% year-on-year (YoY) in sales, and lower financing costs, as a result of the bank loan settlement that took place during the month of July 2020.
When compared to the previous quarter, net losses decreased by 34.6% from SAR 14.9 million, thanks to an 11% increase in sales, and a decrease in selling, marketing and administrative expenses, as well as Zakat charges.
Total accumulated losses amounted to SAR 104.57 million, or 26.14% of capital as of March 31, 2021.
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