Red Sea widens net loss to SAR 97.3 mln in 9M 2020

11/11/2020 Argaam Exclusive

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Red Sea International Co. widened its net loss after Zakat and tax to SAR 97.3 million for the first nine months of 2020, from SAR 73.4 million in the same period a year earlier.

The company attributed the increase in net loss to lower gross margins due to COVID-19 pandemic.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	383.73	398.27	3.8 %
Gross Income	9.73	(16.79)	(272.6 %)
Operating Income	(58.45)	(87.27)	(49.3 %)
Net Income	(73.38)	(97.27)	(32.6 %)
Average Shares	30.23	30.23	-
EPS (Riyals)	(2.43)	(3.22)	(32.6 %)

Meanwhile, the company widened its net loss after Zakat and tax to SAR 44.8 million for Q3 2020, from a loss of SAR 27.9 million in Q3 2019, due to lower revenues and gross profit.

On a quarterly basis, the company widened its net loss in Q3 from a loss of SAR 27.3 million in Q2.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	141.15	114.00	(19.2 %)
Gross Income	2.73	(23.32)	(955.9 %)
Operating Income	(21.40)	(41.51)	(94.0 %)
Net Income	(27.89)	(44.83)	(60.7 %)
Average Shares	30.23	30.23	-
EPS (Riyals)	(0.92)	(1.48)	(60.7 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	128.81	114.00	(11.5 %)
Gross Income	0.40	(23.32)	(5960.1 %)
Operating Income	(25.31)	(41.51)	(64.0 %)
Net Income	(27.31)	(44.83)	(64.1 %)
Average Shares	30.23	30.23	-
EPS (Riyals)	(0.90)	(1.48)	(64.1 %)

Accumulated losses reached SAR 185.3 million which represents 30.9% of company’s SAR 600 million capital.

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