Red Sea cuts H1 2023 loss to SAR 37.7 mln; Q2 at SAR 19.1 mln

10/09/2023 Argaam Exclusive

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Red Sea International Co. narrowed H1 2023 losses to SAR 37.7 million, from SAR 66.5 million in the year-earlier period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	179.80	-	-
Gross Income	(30.88)	-	-
Operating Income	(67.99)	-	-
Net Income	(66.53)	-	-
Average Shares	30.23	-	-
EPS (Riyals)	(2.20)	-	-

In Q2 2023, net losses narrowed by 59.7% to SAR 19.1 million, from SAR 47.7 million in Q2 2022, due to higher revenues and the cost control measures.

The second-quarter net losses increased by 3% from SAR 18.58 million in Q1 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	62.57	-	-
Gross Income	(26.93)	-	-
Operating Income	(46.45)	-	-
Net Income	(47.71)	-	-
Average Shares	30.23	-	-
EPS (Riyals)	(1.58)	-	-

Shareholders’ equity dropped to SAR 54.5 million as of June 30, 2023, from SAR 219 million in the year-earlier period.

Accumulated losses stood at SAR 210.2 million by the end of Q2 2023, representing 69.6% of the company’s capital.

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