Riyadh, Saudi Arabia-based aquaculture company Saudi Fisheries Company (SFC) posted a 9.2 percent year-over-year increase in sales revenue for the nine months ending 30 September 2023, but accumulated losses have continued to pile up for the company, leading it to develop a plan to reverse its fortunes.
The company’s financial results covering the nine-month period show its revenue rose to SAR 42.7 million (USD 11.4 million, EUR 10.6 million) thanks to the performance of its wholesale business, representing a slight increase from the SAR 39.1 million (USD 10.4 million, EUR 9.67 million) it reported in the same period in 2022.
SFC’s wholesale segment, which includes the distribution of shrimp and fish products, achieved revenues of SAR 25.4 million (USD 6.8 million, EUR 6.3 million), marking a 988 percent increase compared to the SAR 2.6 million (USD 684,000, EUR 635,000) the segment posted for the same period in 2022.
Though the company’s wholesale segment saw revenue gains, SFC’s retail and farming segments posted large declines in revenue for the first nine months of 2023 at SAR 10.1 million (USD 2.7 million, EUR 2.5 million) and SAR 7.2 million (USD 1.9 million, EUR 1.8 million), respectively. During the same period in 2022, these segments achieved revenues of SAR 18.3 million (USD 4.9 million, EUR 4.5 million) and SAR 18.2 million (USD 4.9 million, EUR 4.5 million), respectively.
Increases in costs over Q3 2023, coupled with the lower revenue, led to an operating loss of SAR 33.8 million (USD 9 million, EUR 8.2 million), compared to a loss of SAR 25.8 million (USD 6.8 million, EUR 6.3 million) in the same period of 2022. Overall, the company’s operating loss for the nine months ending 30 September reached SAR 31.2 million (USD 8.3 million, EUR 7.6 million), a minor improvement from the SAR 31.9 million (USD 8.5 million, EUR 7.8 million) it posted in 2022. Its net loss in the period reached SAR 39.3 million (USD 10.5 million, EUR 9.6 million), up from SAR 33.7 million (USD 8.9 million, EUR 8.2 million).
Overall, the posted accumulated losses of SAR 211 million (USD 56 million, EUR 51.5 million). SFC partly attributed the losses to an ...
Photo courtesy of Saudi Fisheries Company/Facebook
