Riyadh – Mubasher: Saudi Fisheries Company has obtained a final judicial ruling from the Oman’s Primary Court in Muscat on 10 May 2026 in its favor regarding a commercial dispute with Ocean Fish Company, according to a bourse disclosure.
The court has ordered the defendant to pay a total of SAR 1.63 million to Saudi Fisheries as well as SAR 3,000 for attorney's fees, following a breach of contractual obligations related to fish trading operations.
The legal dispute originated from a commercial agreement where Saudi Fisheries provided an advance payment to Ocean Fish. The purpose of the contract was to facilitate the purchase and sale of fish in coordination with Saudi Fisheries, with the resulting profit margins to be calculated and transferred back to the Saudi-listed company.
According to the disclosure, Ocean Fish failed to fulfill its commitments and did not complete the agreed-upon tasks. When SFICO’s subsequent demands for a refund of the advance payment were ignored, the company initiated legal action in Oman to protect the rights of its shareholders.
Regarding the financial impact, Saudi Fisheries stated that the successful collection of these funds would be recorded as other income within its future financial statements. The company further clarified that the litigation does not pose any material legal, regulatory, or operational risks.
While the ruling is a significant milestone, the Saudi company noted that Ocean Fish retains the right to appeal the decision within a 15-day window, which expires on 25 May 2026. Should an appeal be filed, the execution of the judgment may be postponed until a final determination is reached by the higher court.
As the enforcement of the ruling is subject to the jurisdiction of the Sultanate of Oman, Saudi Fisheries is currently monitoring the expiration of the appeal period before commencing formal execution procedures.
Moreover, the listed company remains committed to pursuing all necessary legal avenues to ensure the full recovery of the adjudicated amounts in accordance with Omani judicial regulations.
