Red Sea International cuts 9M 2021 net loss to SAR 93.3 mln

02/11/2021 Argaam Exclusive

Red Sea International Co. trimmed its net loss after Zakat and tax by 4% to SAR 93.3 million in the first nine months of 2021, from SAR 97.3 million a year earlier, due to a decrease in selling, general and administrative expenses.



Financials (M)

Item 9m 2020 9m 2021 Change‬
Revenues 398.27 355.36 (10.8 %)
Gross Income (16.79) (23.77) (41.6 %)
Operating Income (87.27) (82.58) 5.4 %
Net Income (97.27) (93.27) 4.1 %
Average Shares 30.23 30.23 -
EPS (Riyals) (3.22) (3.08) 4.1 %

In Q3 2021, net loss after Zakat and tax narrowed by 30.4% year-on-year (YoY) to SAR 31.2 million, thanks to higher revenue and gross profit.

 

On a sequential basis, the third-quarter net losses widened by 6% from SAR 29.4 million on a decline in revenue and higher gross losses.



Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Revenues 114.00 119.34 4.7 %
Gross Income (23.32) (8.63) 63.0 %
Operating Income (41.51) (27.77) 33.1 %
Net Income (44.83) (31.19) 30.4 %
Average Shares 30.23 30.23 -
EPS (Riyals) (1.48) (1.03) 30.4 %

Shareholders’ equity dropped 33% to SAR 326.6 million in the nine-month period, from SAR 489.1 million a year earlier.

 

Accumulated losses reached SAR 239.5 million, or 39.9% of total capital as of Sept. 30, 2021.

 

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Share Price

Red Sea International Co.
63.70
0.90 1.43 %

Red Sea International Co. (RED SEA)

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Financial Ratios
Current
Market Cap (M Riyal) 1,925.65
Enterprise Value (EV) (M) 2,558.31
Shares Outstanding ((M)) 30.23
EPS ( Riyal) (TTM) (0.94)
Book Value (BV) ( Riyal) 0.85
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 48.50
P/E (TTM) NEG
Price/book 74.92
Return on Average Assets (%) (TTM) (1.52 )
Return on Average Equity (%) (TTM) (62.40 )
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