Red Sea makes SAR 2.7M profit in H1 2024, SAR 8.7M in Q2

08/08/2024 Argaam Exclusive

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Red Sea International Co. turned to a net profit of SAR 49.49million in H1 2024, against a net loss of SAR 39.14 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬

Revenue increased substantially by more than six times in H1 2024, reaching SAR 1.41 billion.

This impressive growth was primarily driven by the strategic acquisition of a 51% stake in Fundamental Installation for Electric Work Co. Ltd. (First Fix) and the subsequent consolidation of its revenues. Specifically, revenue from general construction amounted to SAR 1.2 billion, underscoring the significant contribution of First Fix to the overall revenue growth.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬

Item	Q1 2024	Q2 2024	Change‬
Revenues	659.21	751.74	14.0 %
Gross Income	68.54	103.05	50.3 %
Operating Income	29.96	30.73	2.5 %
Net Income	(6.02)	(15.78)	(162.1 %)
Average Shares	30.23	30.23	-
EPS (Riyals)	(0.20)	(0.52)	(162.1 %)

Net profit rose as a result of the turnaround in profitability due to the strategic business transformation undertaken through the acquisition of a majority stake in First Fix. In addition, the increase in profit was supported by the effective execution and timely delivery of projects, and the streamlining of internal processes and systems.

In Q2 2024, net profit surged to SAR 8.7 million due to the increase in parent company revenues.

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