Red Sea deepens net losses to SAR 158.3 mln in 2020

31/03/2021 Argaam Exclusive

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Red Sea International Co. widened net losses after Zakat and tax to SAR 158.3 million for 2020, from SAR 74.9 million a year earlier.

The increased losses were attributed to a decline in gross profit, higher general and administration expenses, and impairment of intangible assets.

Financials (M)

Item	2019	2020	Change‬
Revenues	606.07	533.52	(12.0 %)
Gross Income	40.71	(28.35)	(169.6 %)
Operating Income	(50.99)	(138.55)	(171.7 %)
Net Income	(74.85)	(158.32)	(111.5 %)
Average Shares	30.23	30.23	-
EPS (Riyals)	(2.48)	(5.24)	(111.5 %)

In Q4 2020, the company widened its net losses after Zakat and tax to SAR 61 million, from SAR 1.5 million in year-earlier period.

Shareholders’ equity, excluding minority interest, fell by 27% to SAR 441.7 million in 2020, from SAR 603 million a year earlier.

Accumulated losses reached SAR 146.2 million, or 24.4% of capital.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	222.34	135.25	(39.2 %)
Gross Income	30.98	(11.56)	(137.3 %)
Operating Income	7.46	(51.28)	(787.5 %)
Net Income	(1.47)	(61.05)	(4,053.2 %)
Average Shares	30.23	30.23	-
EPS (Riyals)	(0.05)	(2.02)	(4,053.2 %)

Item	Q3 2020	Q4 2020	Change‬
Revenues	114.00	135.25	18.6 %
Gross Income	(23.32)	(11.56)	50.4 %
Operating Income	(41.51)	(51.28)	(23.5 %)
Net Income	(44.83)	(61.05)	(36.2 %)
Average Shares	30.23	30.23	-
EPS (Riyals)	(1.48)	(2.02)	(36.2 %)

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