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.
| 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.
| 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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