Business

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Saudi Fisheries posts losses

The increase in losses was a result of higher production costs at the company's shrimp farm. (Wafyapp)
By TRENDS Desk
August 23, 2022 9:15 am
  • The news of the poor financial results dragged down the company's stock by 3.35 percent to SR37.55
  • The firm reported a 34 percent surge in revenue during the same period to reach $7.73 million

Saudi Fisheries has posted a loss of $6.4 million during the first half of the year as against the loss of $5.06 million in the same period of the last year.

The news of the poor financial results dragged down the company’s stock by 3.35 percent to SR37.55.

The company however reported a jump in sales during H1.

The jump in losses was a result of higher production costs at the shrimp farm, as well as longer harvest cycles and variable costs.

The firm reported a 34 percent surge in revenue during the same period to reach $7.73 million.

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