Saudi Fisheries Reports SAR 24.8 Million Accumulated Losses, Plans Riyadh Land Sale

Saudi Fisheries Co. reported accumulated losses of SAR 24.8 million, equal to 37.03% of its SAR 66.99 million capital, as of September 30, 2026. The company disclosed the figure in a statement to Tadawul, Argaam reported on November 11, 2026.

Saudi Fisheries' Losses and Asset Sales

Saudi Fisheries, known as Alasmak, is a Saudi joint stock company founded in 1980 that operates aquaculture, marine fishing, seafood processing and distribution, according to company records. The company said the accumulated losses stem from the suspension of the group's commercial activities during its restructuring, the absence of revenue while general and administrative expenses continued, losses from discontinued operations and impairment losses on non-financial assets.

To address the losses, Saudi Fisheries plans to complete the sale of its 51% stake in Al-Haridah Aquaculture Co. to Sara National Trading Co. and to offer its headquarters land and building in Riyadh's Al Malaz district for sale, in line with a board decision dated October 4, 2026. The company will also continue to rationalize operating expenses and assess options to strengthen its financial position.

The extraordinary general assembly held on September 27, 2026, rejected the board's recommendation to increase capital because the proposal did not secure the required majority under the Companies Law and the company's bylaws. On October 22, 2026, the group and Sara National Trading signed Amendment No. 2 to the share purchase agreement, rescheduling the remaining SAR 24.86 million of the transaction value into four installments due between November 1, 2027, and May 1, 2029, while keeping the total transaction value unchanged. Saudi Fisheries said it will be subject to the procedures and regulations applicable to listed companies whose accumulated losses reach 20% or more of their capital.

Saudi Fisheries' Narrowing Nine-Month Loss

According to akta.pro company records, Saudi Fisheries relocated its headquarters from Dammam to Riyadh in 2018 as part of a broader corporate restructuring. The same records list a fishing fleet of 17 medium vessels with 20-ton capacity and 19-meter length, plus 15 small vessels with 1.5-ton capacity and 9-meter length.

Argaam data showed the company's losses narrowed to SAR 8.10 million in the first nine months of 2026, compared with SAR 18.48 million in the same period of 2025. Third-quarter losses amounted to SAR 3.89 million, compared with SAR 6.89 million a year earlier.

Al-Haridah Sale and Capital Vote

On October 25, 2026, Saudi Fisheries finalized a 51% stake sale in Al-Haridah Aquaculture to Sara National Trading for SAR 33.2 million, completing the issuance of electronic promissory notes, Argaam reported. The financial impact is expected in the fourth quarter of 2026, subject to regulatory procedures.

On September 28, 2026, Argaam reported that Chairman Abdulaziz Al-Humaid resigned from the board effective September 27, citing personal circumstances, while shareholders approved his election to the next three-year term starting October 25, 2026. On September 3, 2026, Argaam reported that the company's first and second extraordinary general meetings on September 2 were not held due to insufficient quorum, with attendance at 13.67% and 14.10% of voting shares.

What Comes Next for Saudi Fisheries

The Al-Haridah sale's financial impact is expected in the fourth quarter of 2026, subject to regulatory procedures, and the remaining SAR 24.86 million is scheduled in four installments due between November 1, 2027, and May 1, 2029.