Saudi Fisheries Co. announces its Annual Financial results for the period ending on 2023-12-31

Saudi Fisheries Co. announces its Annual Financial results for the period ending on 2023-12-31

Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) Qualified Opinion ?1.? As of December 31, 2023, the net book value of ?properties, machinery, and equipment, capital work ?in progress, and rights-of-use assets (referred to ?collectively as "assets") disclosed in the company's ?financial position amounted to SAR 112.45 million, ?SAR 26.56 million, and SAR 12.51 million, ?respectively. Due to a significant decrease in cash ?generated from sales of the fish and shrimp farm and ?other business operations, as well as the accumulated ?losses incurred by the company in the current and ?prior years, the company's management performed ?an impairment assessment on its assets as of ?December 31, 2023. This assessment involved ?comparing the book values of the assets to their ?recoverable amounts. Based on the company's ?management assessment, it was concluded that there ?is no need to recognize an additional impairment loss ?on its assets as of December 31, 2023. We have ?examined and tested the judgments, assumptions, ?and key estimations used by the company's ?management, including the appropriateness of the ?valuation methodologies. In our view, some key