Saudi Fisheries Co. announces its Annual Financial Results for the Period Ending on 2021-12-31

Saudi Fisheries Co. announces its Annual Financial Results for the Period Ending on 2021-12-31

|Element List||Current Year||Previous Year||%Change|

|Sales/Revenue||47,586||40,948||16.21|

|Gross Profit (Loss)||16,852||2,728||517.741|

|Operational Profit (Loss)||-30,838||-34,350||-10.224|

|Net Profit (Loss) after Zakat and Tax||-34,185||-40,650||-15.904|

|Total Comprehensive Income||-34,126||-40,819||-16.396|

|Total Share Holders Equity (after Deducting Minority Equity)||271,269||305,395||-11.174|

|Profit (Loss) per Share||-0.85||-1.4|

|All figures are in (Thousands) Saudi Arabia, Riyals|

|Element List||Explanation|

|The reason of the increase (decrease) in the net profit during the current year compared to the last year is|| -Sales increased by 16% comparing to the previous year due to resume operating the shrimp farms in Al-Huraidah.

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-The increase in the Gross profit due to the gains from the revaluation of biological assets by an amount of SAR 12 million.

-The cost of sales decreased to 90% of gross sales compared to 94% of the previous year because of operating shrimp farm and decreasing fixed costs of production units.

-Other income increased by 39% from the interest of a Murabaha deposit.

-18% increase in marketing and sales expenses due to Subscriptions and promotions at restaurant delivery apps.

|Statement of the type of external auditor's report||Unmodified opinion|

|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|| -Total accumulated losses at the end of the current year amounted to SAR 128.6 million, equivalent to 32.15% of the capital as