Red Sea International Co. widened its net loss after Zakat and tax year-on-year (YoY) by 39.4% to SAR 25.1 million for the first quarter of 2020, compared to SAR 18 million in the same period last year.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 119.24 | 155.47 | 30.4 % |
| Gross Income | 7.01 | 6.14 | (12.4 %) |
| Operating Income | (14.72) | (20.45) | (38.9 %) |
| Net Income | (17.97) | (25.13) | (39.9 %) |
| Average Shares | 30.23 | 30.23 | - |
| EPS (Riyals) | (0.59) | (0.83) | (39.9 %) |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 222.34 | 155.47 | (30.1 %) |
| Gross Income | 30.98 | 6.14 | (80.2 %) |
| Operating Income | 7.46 | (20.45) | (374.1 %) |
| Net Income | (1.47) | (25.13) | (1,609.7 %) |
| Average Shares | 30.23 | 30.23 | - |
| EPS (Riyals) | (0.05) | (0.83) | (1,609.7 %) |
The company attributed the increase in loss to higher general and administrative expenses and lower gross profit.
When compared to previous quarter, the company turned to losses on lower revenue and gross profit.
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