Financial Results : Red Sea widens Q1 2021 net loss to SAR 32.7 mln

Red Sea widens Q1 2021 net loss to SAR 32.7 mln

09/05/2021 Argaam Exclusive

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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.



Current Quarter Comparison (M)

Compared With The
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 %)

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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