Financial Results : Red Sea widens Q1 2020 net loss by 39.4% to SAR 25.1 mln

Red Sea widens Q1 2020 net loss by 39.4% to SAR 25.1 mln

07/06/2020 Argaam Exclusive

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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.



Current Quarter Comparison (M)

Compared With The
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 %)

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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