RIYADH: Saudi Fisheries Co.’s losses widened by 21 percent, despite a jump in sales during the first half of 2022.
The company’s net losses widened to SR24 million ($6.4 million) during the first half of the year, compared to SR19 million in the same period last year, according to a bourse filing.
This increase in losses was a result of higher production costs at the shrimp farm, as well as longer harvest cycles and variable costs.
This is despite a 34 percent surge in revenue during the same period to reach SR29 million.