Financial Results : Red Sea H1 2020 net loss widens by 15.2% to SAR 52.4 mln

Red Sea H1 2020 net loss widens by 15.2% to SAR 52.4 mln

18/08/2020 Argaam Exclusive

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Red Sea International Co. widened its net loss after Zakat and tax by 15.2% year-on-year (YoY) to SAR 52.4 million for the first six months of 2020, compared to SAR 45.5 million in the year-earlier period.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Revenues 242.58 284.27 17.2 %
Gross Income 7.00 6.53 (6.7 %)
Operating Income (37.05) (45.76) (23.5 %)
Net Income (45.49) (52.45) (15.3 %)
Average Shares 30.23 30.23 -
EPS (Riyals) (1.50) (1.73) (15.3 %)

The company attributed the loss increase to lower gross profit due to the impact of COVID-19.



Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Revenues 123.33 128.81 4.4 %
Gross Income 0.00 0.40 13366.7 %
Operating Income (22.33) (25.31) (13.4 %)
Net Income (27.53) (27.31) 0.8 %
Average Shares 30.23 30.23 -
EPS (Riyals) (0.91) (0.90) 0.8 %

In the second quarter, net loss after Zakat and tax reduced marginally YoY to SAR 27.3 million, compared to SAR 27.5 million in Q1 2019 on an increase in gross profit and other income.

 

On a quarterly basis, net loss increased by 8.7% due to lower revenue and gross profit.

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