Riyadh, Saudi Arabia-based seafood company Saudi Fisheries has fired CEO Mahmoud Abdel-Hay and announced a replacement, marking the fourth such change in under three years and the firm’s latest attempt to restructure.
The company has replaced Abdel-Hay with Rayan Mohammed Al-Mansour, who the firm’s board said has more than 20 years “of practical experience in executive leadership and [has held] operational positions in the industrial, investment, and food manufacturing sectors, during which he has contributed to planning and developing strategies, improving operational efficiency, and developing businesses.”
Abdel-Hay’s termination became effective 4 May. He first joined the company in 2022 as chief financial officer and financial controller and was promoted to CEO in April 2024.
In addition to Al-Mansour’s promotion, the Saudi Fisheries board has also announced the exit of Saeed Abdullah Al-Muaither as managing director after nearly two years due to what the board termed “special circumstances.”
The moves come shortly after Saudi Fisheries announced it was eyeing financial recovery yet released its Q1 2025 results that show large declines in revenue year over year.
Saudi Fisheries reported an 88 percent decline in revenues for the period, dropping to SAR 1 million (USD 266,400 EUR 238,500) from SAR 9.1 million (EUR 2.2 million USD 2.4 million) in Q1 2024. The company attributed the drop due to a “temporary stop of wholesale activities” and the Ramadan holiday slowing down food sales, amid other challenges.
That revenue figure was also down 28.5 percent compared to Q4 2024’s SAR 1.5 million (USD 399,600 EUR 357,700).
However, Saudi Fisheries reduced its net losses by 87.2 percent compared to the same period last year due to “reduced farm-related expenses related to shrimp and fish production and lower operating expenses due to decreased business activity, accompanied by a 31 percent reduction in selling, general, and administrative costs.”
“Despite the improvement, the net margin remains negative, mainly due to idle farm costs, primarily comprising depreciation expenses,” Saudi Fisheries said.
The company also told shareholders its current liabilities remain more than its current assets by a SAR 60 million (USD 16 million EUR 14.4 million) margin, “which indicates that a material uncertainty exists that may cast significant doubt on the company’s ability to continue.”
