Red Sea International narrows losses to SAR 130.4 mln in 2021; Q4 losses at 37.1 mln

29/03/2022 Argaam Exclusive

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Red Sea International Co. (RSI) narrowed net losses after Zakat and tax to SAR 130.4 million for 2021, from a loss of SAR 158.3 million logged a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	533.52	468.20	(12.2 %)
Gross Income	(28.35)	(28.34)	0.0 %
Operating Income	(138.55)	(109.38)	21.1 %
Net Income	(158.32)	(130.44)	17.6 %
Average Shares	30.23	30.23	-
EPS (Riyals)	(5.24)	(4.31)	17.6 %

The decline in losses is primarily due to lower general, selling and administration expenses as compared to the previous year, in addition to lower financial charges and impairment of assets.

The company’s net loss after Zakat and tax narrowed to SAR 37.1 million in Q4 2021 from SAR 61.05 million in the year-earlier period.

On a sequential basis, Red Sea International widened losses from SAR 31.2 million in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	135.25	112.84	(16.6 %)
Gross Income	(11.56)	(4.57)	60.4 %
Operating Income	(51.28)	(26.80)	47.7 %
Net Income	(61.05)	(37.17)	39.1 %
Average Shares	30.23	30.23	-
EPS (Riyals)	(2.02)	(1.23)	39.1 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	119.34	112.84	(5.4 %)
Gross Income	(8.63)	(4.57)	47.0 %
Operating Income	(27.77)	(26.80)	3.5 %
Net Income	(31.19)	(37.17)	(19.2 %)
Average Shares	30.23	30.23	-
EPS (Riyals)	(1.03)	(1.23)	(19.2 %)

Total shareholders’ equity, excluding minority interest, fell 30% to SAR 309.4 million from SAR 441.7 million a year ago.

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