Red Sea International widens losses to SAR 196.1 mln in 2022; Q4 at SAR 73.6 mln

07/05/2023 Argaam Exclusive

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Red Sea International Co. (RSI) widened 2022 net losses to SAR 196.1 million, compared to SAR 130.4 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	468.20	404.21	(13.7 %)
Gross Income	(28.34)	(56.60)	(99.7 %)
Operating Income	(109.38)	(186.07)	(70.1 %)
Net Income	(130.44)	(196.13)	(50.4 %)
Average Shares	30.23	30.23	0.0 %
EPS (Riyals)	(4.31)	(6.49)	(50.4 %)

The increase in 2022 losses was due to the absorption of non-cash losses (impairments and provisions) arising from international operations, mainly from Ghana and Malaysia. This is besides lower revenues and an increase in general and administrative expenses as compared to the previous year.

The fourth-quarter losses increased by 97.9% year-on-year (YoY) to SAR 73.56 million.

On a sequential basis, the company widened Q4 2022 losses by 31.3% from SAR 56.01 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	112.84	135.00	19.6 %
Gross Income	(4.57)	6.54	243.0 %
Operating Income	(26.80)	(66.82)	(149.3 %)
Net Income	(37.17)	(73.59)	(98.0 %)
Average Shares	30.23	30.23	0.0 %
EPS (Riyals)	(1.23)	(2.43)	(98.0 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	89.41	135.00	51.0 %
Gross Income	(32.26)	6.54	120.3 %
Operating Income	(51.27)	(66.82)	(30.3 %)
Net Income	(56.01)	(73.59)	(31.4 %)
Average Shares	30.23	30.23	-
EPS (Riyals)	(1.85)	(2.43)	(31.4 %)

Total shareholders’ equity, excluding minority interest, reached SAR 118.1 million at the end of 2022, from SAR 309.4 million a year ago.

Accumulated losses for the current period grew to SAR 191.3 million, from SAR 132.2 million in the prior-year period.

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