SAUDI ARABIA – Saudi Fisheries announces a significant leadership change as it relieves CEO Awad Farouk Al-Desouki of his duties, effective April 15, 2024.
The board has appointed Mahmoud Abdul-Hay Abu Aqeel as the acting CEO, who will oversee executive management until a permanent replacement is found.
Mahmoud Abdul-Hay Abu Aqeel brings over 17 years of experience in the food and agriculture sectors to his new role as acting CEO.
Having joined Saudi Fisheries in 2022, he has previously served as chief financial officer and financial controller.
His extensive background includes positions as chief accountant at Arab Agricultural Services (ARASCO), Abdulrahman Saad Al Rashid (ARTAR), and the Arab Finance and Trade Company (ASTRA).
In response to the leadership change, Saudi Fisheries’ share price on the Tadawul stock exchange rises by 1.56 percent, with the company’s shares trading around SAR25.35 (US$ 6.75) on Monday morning.
In their official statement, Saudi Fisheries does not elaborate on the reasons for Al-Desouki’s departure.
The company, which has been operational since 1980, is a leading producer and distributor of fresh and frozen fish products in the kingdom.
It operates numerous farms and fisheries across Saudi Arabia.
This leadership change occurs in the context of Saudi Fisheries’ recent financial struggles – the company reports a widening of accumulated losses for the nine months ending in September 2023.
Specifically, Saudi Fisheries records a net loss of SAR39.3 million (US$ 10.4 million), up from SAR 33.3 million (US$ 8.8 million) in the same period in 2022, despite a 9.2 percent increase in year-over-year revenue.
Key factors contributing to these financial challenges include increased farm production costs and losses arising from the fair valuation of biological assets.
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