Red Sea International (RSI) trimmed net losses to SAR 52.7 million in the first nine months of 2023 from SAR 122.5 million a year earlier.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 269.21 | 347.22 | 29.0 % |
| Gross Income | (63.14) | 4.99 | 107.9 % |
| Operating Income | (119.26) | (40.20) | 66.3 % |
| Net Income | (122.54) | (52.67) | 57.0 % |
| Average Shares | 30.23 | 30.23 | - |
| EPS (Riyals) | (4.05) | (1.74) | 57.0 % |
The lower losses were triggered by higher sales and the cost optimization initiative taken specifically on the cost of sales, as well as the soaring selling, general and administrative expenses (SG&A). This, in turn, led to a decline in gross profit to SAR 5 million, against a gross loss of SAR 63.1 million in the first nine months of 2022.
The net loss attributable to shareholders dropped from SAR 123.8 million in the first nine months of 2022 to SAR 54.7 million in the same period of 2023, implying a 55.8٪ year-on-year (YoY) improvement.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 89.41 | 121.88 | 36.3 % |
| Gross Income | (32.26) | 5.01 | 115.5 % |
| Operating Income | (51.27) | (10.45) | 79.6 % |
| Net Income | (56.01) | (14.96) | 73.3 % |
| Average Shares | 30.23 | 30.23 | - |
| EPS (Riyals) | (1.85) | (0.49) | 73.3 % |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 107.14 | 121.88 | 13.8 % |
| Gross Income | 0.18 | 5.01 | 2638.8 % |
| Operating Income | (13.57) | (10.45) | 22.9 % |
| Net Income | (19.13) | (14.96) | 21.8 % |
| Average Shares | 30.23 | 30.23 | - |
| EPS (Riyals) | (0.63) | (0.49) | 21.8 % |
In Q3 2023, net loss narrowed to SAR 15 million from SAR 56 million in Q3 2022, thanks to improved sales and the company’s cost optimization initiative.
On a quarterly basis, net losses decreased by 21% from SAR 19.1 million in Q2 2023 on higher sales and the cost optimization initiative implemented by RSI, particularly on the SG&A level.
Total shareholders’ equity, after minority interest, plunged to SAR 38.9 million as of Sept. 30, 2023, up from SAR 162.8 million in the prior-year period.
Accumulated losses came in at SAR 225.1 million by the end of the nine-month period, representing 74.5% of RSI’s capital.
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}