Saudi Fisheries ‘relieves’ CEO of duties

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Saudi Fisheries has a new acting CEO, following a move by the board to change the guard at the Tadawul-listed company.

In a statement, the company said it has “relieved” ‎Awad Farouk Al-Desouki from his position, effective Monday, 15 April 2024. 

In his place, Mahmoud ‎Abdul-Hay Abu Aqeel will step in to carry out ‎executive management work until a new ‎CEO is appointed for the company‏.‏

The company did not give further comment or reasons for the move. 

Saudi Fisheries, which started operations in 1980, is a major producer and distributor of fresh and frozen fish and fish products. It also operates various farms and fisheries across the kingdom.

Al-Desouki’s exit comes after Saudi Fisheries posted widening accumulated losses in its most recent financial results for the nine months ended September 2023. 

The company’s profit and loss statement for the period indicated that it had recorded a SAR39.3 million net loss for the nine months ended September 2023. This compares to the net loss of SAR33.3 million recorded for the comparative period in 2022. This is despite the company having experienced a 9.2 per cent year-over-year increase in revenue for the nine months ended 30 September 2023.

An increase in farm production costs and a loss arising from a fair valuation of biological assets were among the reasons for the company’s recent performances.

Amid the appointment of Abu Aqeel as interim CEO, Saudi Fisheries said he has over 17 years’ experience in the food and agriculture sectors. He served as chief financial officer and financial controller at Saudi Fisheries upon joining the company in 2022. He previously held the position of chief accountant at both Arab Agricultural Services (ARASCO) and Abdulrahman Saad Al Rashid (ARTAR), as well as at the Arab Finance and Trade Company (ASTRA).

Meanwhile, Saudi Fisheries’ share price on Tadawul was up 1.56 per cent in trade on Monday morning amid the news, with the company’s share price hovering around the SAR25.35 mark.