Red Sea International cuts 9M 2021 net loss to SAR 93.3 mln

02/11/2021 Argaam Exclusive

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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.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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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