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Saudi Fisheries Co. announces its Interim Financial Results for the Period Ending on 2023-09-30 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 15,110 | 9,807 | 54.07 | 15,961 | -5.33 |
| Gross Profit (Loss) | -19,654 | -16,000 | 22.84 | -1,531 | 1,183.74 |
| Operational Profit (Loss) | -32,955 | -25,858 | 27.45 | -19,224 | 71.43 |
| Net Profit (Loss) after Zakat and Tax | -34,382 | -26,379 | 30.34 | -25,499 | 34.84 |
| Total Comprehensive Income | -34,382 | -26,379 | 30.34 | -25,499 | 34.84 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 42,669 | 39,065 | 9.22 |
| Gross Profit (Loss) | -18,100 | -18,967 | -4.57 |
| Operational Profit (Loss) | -31,223 | -31,933 | -2.22 |
| Net Profit (Loss) after Zakat and Tax | -39,330 | -33,751 | 16.53 |
| Total Comprehensive Income | -39,330 | -33,751 | 16.53 |
| Total Share Holders Equity (after Deducting Minority Equity) | 188,841 | 257,557 | -26.68 |
| Profit (Loss) per Share | -0.98 | -0.84 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| -211,544,481 | 400,000 | -52.89 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | -Revenue increased by 54% compared to the same period last year due to the increase in wholesale sales of fish and shrimp. -The Gross loss increased by 23% compared to the same period last year due to the increase in production costs at the farm and loss arising from fair valuation of biological assets. -There was an increase in operating loss by 30% mainly due to increase in the inventory provision expenses. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | -A slight decrease in revenues by 5% as compared to the previous quarter is due to the seasonal variations. -The Gross loss increased significantly in the current period compared to the previous period due to the increase in shrimp and fish production costs at the farms and loss arising from fair valuation of biological assets. -The operating loss increased by 35% due to recognizing inventory provisions. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | -The Gross loss decreased by approximately 4.6% compared to the same period last year despite the losses from fair valuation of biological assets. -The operating loss increased by 17% due to recognizing inventory provisions as per the standard, amounting to SAR 9.7 million. -Book Zakat provision for the assessments 2011-2016 and 2017-2018 amount to SAR 6 million |
| Statement of the type of external auditor's report | Qualified conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | BASIS FOR QUALIFIED OPINION 1.As indicated in Note No. (6) and Note No. (20) of the accompanying condensed interim financial statements, which indicate that the company has changed during the period ended 30 June 2023 the accounting policy related to the measurement of investment properties from the cost model to the fair value model. As a result, investment properties appeared in the condensed interim financial position statement as at 30 September 2023 amounting to SR 44.5 million (31 December 2022: SR 31.9 million) (1 January 2022: SR 26.7 million), and the change in fair value appeared in the statement of financial position. Profit or loss and other comprehensive income for the nine-month periods ended 30 September 2023 amounted to SR 12.6 million (2022: SR 16.2 million). We were not able to obtain sufficient appropriate evidence and complete our review of the fair value of the investment properties as at 30 September 2023, 31 December 2022 and 1 January 2022, and the change in fair value for the three and nine-month periods ended 30 September 2023 and 30 September 2022. Accordingly, we were unable to determine whether any adjustments to these amounts are necessary. 2.As indicated in Note No. (7) of the accompanying condensed interim financial statements, which indicates the inability of the company's management to reach the fair value of the fish at 31 December 2022 due to the lack of appropriate tools for the inventory process, and accordingly it was shown at a cost of SR 20.7 million as shown on that date. This constitutes a departure from the requirements of the financial reporting framework. We were unable to access relevant financial information regarding the fair value of fish in the condensed interim statement of financial position as at 31 December 2022 and the change in fair value of fish in the statement of profit or loss and other comprehensive income for the three and nine-month periods ended 30 September 2023 and 30 September 2022 Accordingly, we have not been able to implement the actions we deem necessary. MATERIAL UNCERTAINTIES RELATED TO GOING CONCERN -We draw attention to Note (2.5) to the accompanying condensed interim financial statements, which states that the Company has an accumulated loss as of 30 September 2023 amounting to SR 211.5 million representing 52.3% of the share capital, in addition to net operating cash outflows of SR 36 million and a gross loss of SR 18.1 million for the period ended 30 September 2023, These condition or events indicate the existence of a material uncertainty, which may cast significant doubt on the Company's ability to continue as a going concern. Our conclusion has not been modified in respect of this matter |
| Reclassification of Comparison Items | Certain items and disclosures of the comparative year’s financial statements have been reclassified to comply with the current period presentation. |
| Additional Information | - The company has changed its accounting policies by implementing the fair value model for the valuation of investment properties starting from the second quarter of 2023. The company has followed all guidelines and regulations in accordance with the standards and the Capital Market Authority, including appointing Certified valuers and obtaining two valuations, adopting the lower value. - The company Measured biological assets (Fish ) using the fair value model starting from the third quarter of 2023 based on fair value. -Total accumulated losses at the end of the current period amounted to SR 211.54 million, equivalent to 52.89% of the capital as of 30th September 2023. The company is confirming its adherence to the procedures and instructions issued by the capital market authority for the listed companies in the Saudi Stock Market and intends to reduce the capital within the allowed timeframe. Date of reach losses: 30-09-2023 Date of notification of the Board of directors of accumulated losses: 09-11-2023 Amount of accumulated losses: SAR 211,544,451 Ratio of accumulated losses to capital (%): 52.89% Main reasons for the losses - Increase the operating costs for shrimp and fish production farms. - Increase the costs of sales due to decreased production in the farm, and since most of the costs are fixed, their ratio to sales has increased. - Decreased sales of Stores during 2022 and 2023. - Formation of provisions for zakat, inventory, accounts receivable and CWIP. Measures that the company will take regarding these losses: - Reducing general and administrative expenses. - Reducing operating costs in aquaculture. - Closing loss-making Stores. - Developing sales methods and focusing on products with high profitability. - Expanding sales channels. - Working to solve aquaculture problems. Date of the last day on which the company's board of directors can disclose its recommendations regarding accumulated losses: 08-01-204 Date of the last day on which the company's board of directors can call a special general assembly to consider the continuation of the company: 07-05-2024 Application of procedures and instructions: The procedures and instructions for companies whose shares are listed on the Saudi Stock Exchange and whose accumulated losses have reached 20% or more of their capital will be applied. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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