Red Sea narrows 2023 loss to SAR 35.1M; Q4 profit at SAR 17.5M

Red Sea International (RSI) narrowed its 2023 loss to SAR 35.1 million from SAR 196.1 million a year earlier.​

The loss per share, after minority interest, stood at SAR 1.16 in 2023, compared to SAR 6.49 a year earlier.

The annual earnings were lifted by a 241% surge year-on-year (YoY) in revenue to SAR 1.37 billion.

Revenue from general construction amounted to SAR 869 million in 2023, driven by the company’s acquisition of a 51% stake in First Fix in Q4 2023.

Revenue from sale of buildings increased by 49% from SAR 240 million to reach SAR 358 million in 2023.

Rental revenue from investment properties saw a decline of 8% YoY in 2023 from SAR 165 million to SAR 151 million.

Gross profit reached SAR 114 million in 2023, against a gross loss of SAR 57 million a year earlier, thanks to the company’s cost efficiency measures.

Red Sea recorded an operating profit of SAR 36 million versus an operating loss of SAR 186 million in 2022.

The company posted a net profit of SAR 17.5 million for Q4 2023, against a net loss of SAR 73.59 million a year earlier.

Compared with the previous quarter, the firm turned profitable from a loss of SAR 14.96 million in Q3 2023.

Total shareholders’ equity, after minority interest, dropped to SAR 83.72 million as of Dec. 31, 2023, from SAR 118.11 million a year earlier.

Accumulated losses came in at SAR 206.85 million by the end of the 12-month period, representing 68.4% of the company’s capital.

Attached Document:

View more financial results