Red Sea International (RSI) narrowed the Q1 2024 net losses, after minority interest, to SAR 6.1 million from SAR 18.6 million in the year-earlier period.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 116.39 | 659.21 | 466.4 % |
| Gross Income | 2.45 | 68.54 | 2703.4 % |
| Operating Income | (12.39) | 29.96 | 341.8 % |
| Net Income | (18.58) | (6.02) | 67.6 % |
| Average Shares | 30.23 | 30.23 | - |
| EPS (Riyals) | (0.61) | (0.20) | 67.6 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 1,031.27 | 659.21 | (36.1 %) |
| Gross Income | 109.30 | 68.54 | (37.3 %) |
| Operating Income | 76.53 | 29.96 | (60.8 %) |
| Net Income | 17.54 | (6.02) | (134.3 %) |
| Average Shares | 30.23 | 30.23 | - |
| EPS (Riyals) | 0.58 | (0.20) | (134.3 %) |
The lower net losses were attributed to a spike of 466% on a year-on-year (YoY) basis in revenue to SAR 659 million in Q1 2024, backed by the company’s strategic acquisition of a 51% stake in Electric Work Co. Ltd. (First Fix).
In addition, RSI witnessed a strategic business transformation through the acquisition of 51% of First Fix, as well as the effective execution and delivery of projects.
RSI turned to losses from a profit of SAR 17.5 million in Q4 2023, due to a drop in revenue due to the timing of revenue recognition.
The parent company handed over its projects and recognized revenue in Q4 2023 and started executing new projects in Q1 2024, for which the revenue would flow in 2Q24.
In the first quarter of 2024, First Fix was handing over the executed projects, and revenue was already recognized in Q4 2023.
Total shareholders’ equity, no minority interest, decreased to SAR 77.70 million by March 31, 2024, from SAR 99.53 million a year earlier.
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