Red Sea cuts 9M 2023 loss to SAR 52.7 mln; Q3 at SAR 15 mln

09/11/2023 Argaam Exclusive

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Red Sea International (RSI) trimmed net losses to SAR 52.7 million in the first nine months of 2023 from SAR 122.5 million a year earlier.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	269.21	-	-
Gross Income	(63.14)	-	-
Operating Income	(119.26)	-	-
Net Income	(122.54)	-	-
Average Shares	30.23	-	-
EPS (Riyals)	(4.05)	-	-

The lower losses were triggered by higher sales and the cost optimization initiative taken specifically on the cost of sales, as well as the soaring selling, general and administrative expenses (SG&A). This, in turn, led to a decline in gross profit to SAR 5 million, against a gross loss of SAR 63.1 million in the first nine months of 2022.

The net loss attributable to shareholders dropped from SAR 123.8 million in the first nine months of 2022 to SAR 54.7 million in the same period of 2023, implying a 55.8٪ year-on-year (YoY) improvement.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	89.41	-	-
Gross Income	(32.26)	-	-
Operating Income	(51.27)	-	-
Net Income	(56.01)	-	-
Average Shares	30.23	-	-
EPS (Riyals)	(1.85)	-	-

In Q3 2023, net loss narrowed to SAR 15 million from SAR 56 million in Q3 2022, thanks to improved sales and the company’s cost optimization initiative.

On a quarterly basis, net losses decreased by 21% from SAR 19.1 million in Q2 2023 on higher sales and the cost optimization initiative implemented by RSI, particularly on the SG&A level.

Total shareholders’ equity, after minority interest, plunged to SAR 38.9 million as of Sept. 30, 2023, up from SAR 162.8 million in the prior-year period.

Accumulated losses came in at SAR 225.1 million by the end of the nine-month period, representing 74.5% of RSI’s capital.

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