Red Sea narrows net loss to SAR 71.9 mln in FY19

19/03/2020 Argaam Exclusive

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Red Sea International Co. (Red Sea) narrowed net loss after Zakat and tax by 16.1% year-on-year (YoY) to SAR 71.9 million for fiscal year 2019 from SAR 85.7 million a year earlier.

Financials (M)

Item	2018	2019	Change‬
Revenues	658.62	606.07	(8.0 %)
Gross Income	79.73	40.71	(48.9 %)
Operating Income	(26.50)	(50.99)	(92.4 %)
Net Income	(85.74)	(74.85)	12.7 %
Average Shares	30.23	30.23	-
EPS (Riyals)	(2.84)	(2.48)	12.7 %

The company said in a bourse statement that the decline in net loss was due to decrease in general and administration expenses, in addition to lower impairment of non-financial assets.

The Saudi developer reported revenue of SAR 641.1 million for 2019, down 2.7% YoY.

Total comprehensive income dropped by 17.04% YoY to SAR 75.9 million from SAR 91.5 million in the previous year.

In Q4 2019, the company reported net profit of SAR 1.48 million, compared to net loss of SAR 46.69 million in the same period in 2018.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2018	Q4 2019	Change‬
Revenues	121.26	222.34	83.4 %
Gross Income	32.06	30.98	(3.4 %)
Operating Income	(2.77)	7.46	369.0 %
Net Income	(46.73)	(1.47)	96.9 %
Average Shares	30.23	30.23	-
EPS (Riyals)	(1.55)	(0.05)	96.9 %

Item	Q3 2019	Q4 2019	Change‬
Revenues	141.15	222.34	57.5 %
Gross Income	2.73	30.98	1036.8 %
Operating Income	(21.40)	7.46	134.9 %
Net Income	(27.89)	(1.47)	94.7 %
Average Shares	30.23	30.23	-
EPS (Riyals)	(0.92)	(0.05)	94.7 %

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