Red Sea International Co. trimmed its net loss after Zakat and tax by 4% to SAR 93.3 million in the first nine months of 2021, from SAR 97.3 million a year earlier, due to a decrease in selling, general and administrative expenses.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 398.27 | 355.36 | (10.8 %) |
| Gross Income | (16.79) | (23.77) | (41.6 %) |
| Operating Income | (87.27) | (82.58) | 5.4 % |
| Net Income | (97.27) | (93.27) | 4.1 % |
| Average Shares | 30.23 | 30.23 | - |
| EPS (Riyals) | (3.22) | (3.08) | 4.1 % |
In Q3 2021, net loss after Zakat and tax narrowed by 30.4% year-on-year (YoY) to SAR 31.2 million, thanks to higher revenue and gross profit.
On a sequential basis, the third-quarter net losses widened by 6% from SAR 29.4 million on a decline in revenue and higher gross losses.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 114.00 | 119.34 | 4.7 % |
| Gross Income | (23.32) | (8.63) | 63.0 % |
| Operating Income | (41.51) | (27.77) | 33.1 % |
| Net Income | (44.83) | (31.19) | 30.4 % |
| Average Shares | 30.23 | 30.23 | - |
| EPS (Riyals) | (1.48) | (1.03) | 30.4 % |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 127.66 | 119.34 | (6.5 %) |
| Gross Income | (6.32) | (8.63) | (36.6 %) |
| Operating Income | (26.17) | (27.77) | (6.1 %) |
| Net Income | (29.43) | (31.19) | (6.0 %) |
| Average Shares | 30.23 | 30.23 | - |
| EPS (Riyals) | (0.97) | (1.03) | (6.0 %) |
Shareholders’ equity dropped 33% to SAR 326.6 million in the nine-month period, from SAR 489.1 million a year earlier.
Accumulated losses reached SAR 239.5 million, or 39.9% of total capital as of Sept. 30, 2021.
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