Red Sea International widens H1 2022 loss to SAR 67.3 mln; Q2 loss at SAR 48.2 mln

07/08/2022 Argaam Exclusive

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Red Sea International Co. (RSI) deepened net losses after Zakat and tax to SAR 67.3 million for the first half of 2022, from SAR 62.9 million in the year-earlier period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	236.02	179.80	(23.8 %)
Gross Income	(15.14)	(30.88)	(104.0 %)
Operating Income	(54.81)	(67.99)	(24.1 %)
Net Income	(62.08)	(66.53)	(7.2 %)
Average Shares	30.23	30.23	0.0 %
EPS (Riyals)	(2.05)	(2.20)	(7.2 %)

The increased net losses were mainly attributed to a decrease in revenue, higher general and administrative (G&A) expenses, as well as selling and distribution expenses.

The second-quarter net losses after Zakat and tax increased by 61.2% to SAR 48.2 million, from SAR 29.9 million in Q2 2021, due to lower revenue and an increase in gross loss compared to the corresponding period of 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	127.66	62.57	(51.0 %)
Gross Income	(6.32)	(26.93)	(326.1 %)
Operating Income	(26.17)	(46.45)	(77.5 %)
Net Income	(29.43)	(47.71)	(62.1 %)
Average Shares	30.23	30.23	0.0 %
EPS (Riyals)	(0.97)	(1.58)	(62.1 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	117.23	62.57	(46.6 %)
Gross Income	(3.94)	(26.93)	(582.9 %)
Operating Income	(21.54)	(46.45)	(115.6 %)
Net Income	(18.82)	(47.71)	(153.5 %)
Average Shares	30.23	30.23	-
EPS (Riyals)	(0.62)	(1.58)	(153.5 %)

Compared to Q1 2022, net losses widened by 152.4% from SAR 19.10 million.

Total shareholders’ equity, after minority interest, declined to SAR 242.9 million as of June 30, 2022, from SAR 379.9 million a year earlier.

Accumulated losses reached SAR 357.1 million, or 59.52% of the company’s capital by the end of the current period.

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