Logo ofSaudi Fisheries Co. (SFC)
Saudi Fisheries Co. (SFC)announced that a primary court of Muscat Governorate ordered Ocean Fish Co. to pay SAR 1.6 million in favor of the company, after the defendant failed to meet its obligations under a fish trading agreement. 
In a statement to Tadawul, the company said the court issued a final verdict on May 10, ordering the defendant to pay SAR 1.6 million, along with SAR 30,000 in damages and SAR 3,000 in legal fees.
SFC had paid an advance to Ocean Fish under an agreement to buy and sell fish, with profits to be calculated and transferred to it. However, Ocean Fish failed to fulfill its obligations.
The company resorted to legal action after its claims for repayment were ignored, appointing Dr. Asaad Al-Hadhrami Law Firm to pursue the case before the competent court in Oman.
The case has no material impact on SFC as the ruling was issued in its favor. The counterparty (Ocean Fish) has the right to appeal within 15 days from the ruling date, until May 25.
Any recovered amount will be recognized as other revenue in the company’s financial statements.
The company has already applied the appropriate accounting adjustment by calculating a provision for expected credit losses.
There will be no negative financial impact on SFC in case of non-collection, the statement added.
Logo ofSaudi Fisheries Co. (SFC)
Saudi Fisheries Co. (SFC)announced that a primary court of Muscat Governorate ordered Ocean Fish Co. to pay SAR 1.6 million in favor of the company, after the defendant failed to meet its obligations under a fish trading agreement.
In a statement to Tadawul, the company said the court issued a final verdict on May 10, ordering the defendant to pay SAR 1.6 million, along with SAR 30,000 in damages and SAR 3,000 in legal fees.
SFC had paid an advance to Ocean Fish under an agreement to buy and sell fish, with profits to be calculated and transferred to it. However, Ocean Fish failed to fulfill its obligations.
The company resorted to legal action after its claims for repayment were ignored, appointing Dr. Asaad Al-Hadhrami Law Firm to pursue the case before the competent court in Oman.
The case has no material impact on SFC as the ruling was issued in its favor. The counterparty (Ocean Fish) has the right to appeal within 15 days from the ruling date, until May 25.
Any recovered amount will be recognized as other revenue in the company’s financial statements.
The company has already applied the appropriate accounting adjustment by calculating a provision for expected credit losses.
There will be no negative financial impact on SFC in case of non-collection, the statement added.
