Red Sea International Co. deepened net loss after Zakat and tax by 18.5% to SAR 62.1 million for the first six months of 2021, compared to SAR 52.4 million in the year-earlier period.
The losses widened due to a decrease in revenue and gross profit compared to last year.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Revenues | 284.27 | 236.02 | (17.0 %) |
| Gross Income | 6.53 | (15.14) | (331.7 %) |
| Operating Income | (45.76) | (54.81) | (19.8 %) |
| Net Income | (52.45) | (62.08) | (18.4 %) |
| Average Shares | 30.23 | 30.23 | - |
| EPS (Riyals) | (1.73) | (2.05) | (18.4 %) |
In the second quarter, net loss after Zakat and tax widened 7.7% YoY to SAR 29.4 million, compared to SAR 27.3 million in Q2 2020.
On a quarterly basis, net loss shrank by 10% on higher revenue and lower gross loss.
| Item | Q2 2020 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 128.81 | 127.66 | (0.9 %) |
| Gross Income | 0.40 | (6.32) | (1688.2 %) |
| Operating Income | (25.31) | (26.17) | (3.4 %) |
| Net Income | (27.31) | (29.43) | (7.7 %) |
| Average Shares | 30.23 | 30.23 | - |
| EPS (Riyals) | (0.90) | (0.97) | (7.7 %) |
| Item | Q1 2021 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 108.36 | 127.66 | 17.8 % |
| Gross Income | (8.82) | (6.32) | 28.3 % |
| Operating Income | (28.64) | (26.17) | 8.6 % |
| Net Income | (32.66) | (29.43) | 9.9 % |
| Average Shares | 30.23 | 30.23 | - |
| EPS (Riyals) | (1.08) | (0.97) | 9.9 % |
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