Red Sea extends 9M 2022 loss to SAR 122.5 mln, Q3 at SAR 56 mln

09/11/2022 Argaam Exclusive

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Red Sea International Co. (RSI) widened net losses after Zakat and tax to SAR 122.5 million in the first nine months of 2022, from SAR 93.3 million in the year-earlier period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	355.36	269.21	(24.2 %)
Gross Income	(23.77)	(63.14)	(165.6 %)
Operating Income	(82.58)	(119.26)	(44.4 %)
Net Income	(93.27)	(122.54)	(31.4 %)
Average Shares	30.23	30.23	0.0 %
EPS (Riyals)	(3.08)	(4.05)	(31.4 %)

The increase in net losses is attributed to lower revenues resulting from delays in contracts deliveries and higher in cost of sales, general & administrative expenses, and, selling and distribution expenses.

In Q3 2022, the company deepened its losses to SAR 56 million, from SAR 31.2 million in Q3 2021.

Compared to Q2 2022, losses widened in Q3 2022 from SAR 47.7 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	119.34	89.41	(25.1 %)
Gross Income	(8.63)	(32.26)	(273.7 %)
Operating Income	(27.77)	(51.27)	(84.6 %)
Net Income	(31.19)	(56.01)	(79.6 %)
Average Shares	30.23	30.23	0.0 %
EPS (Riyals)	(1.03)	(1.85)	(79.6 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	62.57	89.41	42.9 %
Gross Income	(26.93)	(32.26)	(19.8 %)
Operating Income	(46.45)	(51.27)	(10.4 %)
Net Income	(47.71)	(56.01)	(17.4 %)
Average Shares	30.23	30.23	-
EPS (Riyals)	(1.58)	(1.85)	(17.4 %)

Total shareholders’ equity, excluding minority interest, fell to SAR 162.8 million as of Sept. 30, 2022, from SAR 326.6 million a year earlier.

Accumulated losses came in at SAR 103.7 million by the end of the nine-month period, representing 34.3% of the company’s capital.

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