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RIYADH: Saudi Fisheries Co.’s shares slumped 3.35 percent at the end of Monday, after seeing its losses widened by 21 percent, despite a jump in sales during the first half of 2022.
Shares of the company fell to SR37.55 from SR38.85 at the close of the previous session.
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.