Red Sea International Co. widened Q1 2021 net losses to SAR 32.7 million, from SAR 25.1 million in the year-earlier period.
The losses increased, due to a decrease in revenue and gross profit, when compared to the same quarter last year.
| Item | Q1 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 155.47 | 108.36 | (30.3 %) |
| Gross Income | 6.14 | (8.82) | (243.7 %) |
| Operating Income | (20.45) | (28.64) | (40.1 %) |
| Net Income | (25.13) | (32.66) | (29.9 %) |
| Average Shares | 30.23 | 30.23 | - |
| EPS (Riyals) | (0.83) | (1.08) | (29.9 %) |
| Item | Q4 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 135.25 | 108.36 | (19.9 %) |
| Gross Income | (11.56) | (8.82) | 23.7 % |
| Operating Income | (51.28) | (28.64) | 44.1 % |
| Net Income | (61.05) | (32.66) | 46.5 % |
| Average Shares | 30.23 | 30.23 | - |
| EPS (Riyals) | (2.02) | (1.08) | 46.5 % |
When compared to Q4 2020, the company’s net loss after Zakat and tax narrowed by 61% from SAR 46.48 million. The company recorded impairment of intangible assets in the previous quarter amounting to SAR 8.2 million and a decrease in general and administration expenses in the current quarter.
Shareholders’ equity, excluding minority interest, dropped by 13% to SAR 604.1 million by the end of Q1 2021, compared to SAR 692.5 million in the year-ago period.
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