Riyadh – Mubasher: Saudi Fisheries Company (SFICO) has issued a formal corrective announcement regarding its interim financial results for the first quarter (Q1) of 2026, which addresses a specific discrepancy in the reported total shareholders’ equity for the period.
The company’s initial financial disclosure was published on 12 May 2026 regarding the income statements for the three-month period ended on 31 March this year, according to a bourse disclosure.
The primary focus of the correction is the figure representing Total Shareholders’ Equity, after the exclusion of non-controlling interests.
Following a review of the data, the correct figure for the Q1-26 period is SAR 49.24 million.
The adjustment reflects a decrease of SAR 1.03 million compared to the initial filing. In the original announcement, Saudi Fisheries mistakenly reported this figure as SAR 50.28 million.
The company provided a detailed explanation for the discrepancy, attributing the error to an unintentional mistake during the data transfer process.
According to the disclosure, the SAR 50.28 million figure of actually represented the total equity balance as of 31 December 2025, which served as the opening balance for the 2026 fiscal year. The error occurred when this opening balance was inadvertently used in place of the closing balance for the reporting period ended on 31 March 2026.
The difference gap is a critical figure, as it represents the total loss incurred by the company during Q1-26. By correcting the equity total, the company has now properly accounted for the impact of this quarterly loss on its overall equity position.
This correction ensures that the financial health of the company is accurately presented to investors and regulatory bodies, reflecting the actual net worth of the entity at the close of the three-month period.
Saudi Fisheries has confirmed that the error was limited strictly to the shareholders’ equity line item. A comprehensive review of the interim financial statements was conducted to ensure the integrity of the report, and the company stated that there is no impact on any other disclosed items or financial metrics.
All other data points, including revenue, operational costs, and cash flow figures, remain as previously disclosed in the 12 May announcement.
In its communication to the market, the company apologized for the error and reiterated its commitment to the accuracy and completeness of all future disclosures. The management emphasized that it takes its reporting obligations seriously and is dedicated to maintaining transparency with its shareholders.
This corrective measure is intended to uphold the quality of financial reporting required by the Saudi Capital Market Authority and the Saudi Exchange. The company concluded by noting that all other contents of the original interim financial results announcement remain unchanged and valid.
Saudi Fisheries recently initiated the nomination period for its Board of Directors for the new three-year term that is scheduled to begin in October 2026.
