Saudi Fisheries Co. announces its Interim Financial results for the Period Ending on 2026-03-31 ( Three Months )

This step is part of management’s plan to reassess the operational strategy and focus on core activities with higher economic viability, which is expected to reduce financial burdens and enhance the efficiency of the company’s financial position.

The company is also working to complete the requirements of the SARA agreement and the acquisition of 51% of Al-Haridha Company, in order to commence the operation of its assets at the earliest possible time.

• A reduction in operating expenses as a result of the decline in business activities, including a 100% decrease in selling and distribution expenses (S&A).

• A 56.5% decrease in general and administrative expenses (G&A) compared to the previous year, primarily driven by lower workforce-related costs.

This step falls within management’s plan to reassess the operational strategy and focus on core activities with higher economic viability, which is expected to reduce financial burdens and enhance the company’s financial position efficiency.

The company is also working to fulfill the requirements of the SARA agreement and the acquisition of 51% of Al-Haridha Company, in order to commence the operation of its assets as soon as possible.

• A reduction in operating expenses as a result of lower business activity, including a 100% decrease in selling and distribution expenses (S&A).

• A 44% decrease in general and administrative expenses (G&A) compared to the previous quarter, primarily driven by a reduction in workforce-related costs.

• A 56% decrease in finance costs during the current quarter compared to the previous quarter, resulting from a reduction in the Company’s financing obligations.

• The Group’s current liabilities exceeded its current assets by SAR 14.559 million as of 31 December 2024 (compared to SAR 13.527 million), indicating the existence of a material uncertainty related to the Group’s ability to continue as a going concern. A material uncertainty paragraph has been disclosed in the financial statements.

• Management prepared a detailed going concern assessment, which was approved by management, and based on this assessment, it was concluded that the going concern assumption remains appropriate. The key assumption underlying the plan depends on restructuring activities through the establishment of new limited liability companies and an increase in share capital.

• Subsequent to the period ended 31 March 2026, the Capital Market Authority (CMA) issued a resolution on 29 April 2026 approving the Company’s request to increase its capital by SAR 334,930,200. This approval remains subject to the Extraordinary General Assembly’s approval of the capital increase, as well as the completion of all related regulatory procedures and requirements.