Red Sea Q1 2023 loss slightly declines to SAR 18.6 mln

Red Sea International Co. marginally narrowed Q1 2023 losses to SAR 18.6 million, from SAR 18.8 million in the year-earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2022	Q1 2023	Change‬
Revenues	117.23	116.39	(0.7 %)
Gross Income	(3.94)	2.45	162.0 %
Operating Income	(21.54)	(12.39)	42.5 %
Net Income	(18.82)	(18.58)	1.3 %
Average Shares	30.23	30.23	-
EPS (Riyals)	(0.62)	(0.61)	1.3 %

Item	Q4 2022	Q1 2023	Change‬
Revenues	135.00	116.39	(13.8 %)
Gross Income	6.54	2.45	(62.6 %)
Operating Income	(66.82)	(12.39)	81.5 %
Net Income	(73.59)	(18.58)	74.8 %
Average Shares	30.23	30.23	-
EPS (Riyals)	(2.43)	(0.61)	74.8 %

The company cited a cost optimization and reduction plan, which resulted in an overall decline in the cost of sales, selling and marketing as well as general and administrative (G&A) expenses compared Q1 2022.

On the other hand, Red Sea witnessed one-off deals in other income in the first quarter of 2022.

On a sequential basis, the company trimmed net losses by 74.8% from SAR 73.59 million in Q4 2022, as the company absorbed one-off losses from its international operations in Africa and Asia in the fourth quarter of 2022.

Shareholders’ equity, no minority interest, dropped to SAR 99.5 million as of March 31, 2023, from SAR 290.6 million in the year-earlier period.

Accumulated losses stood at SAR 191 million by the end of Q1 2023, representing 63.2% of the company’s capital.

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Share Price

Red Sea International Co. (RED SEA)

	Current
Market Cap (M Riyal)	2,146.33
Enterprise Value (EV) (M)	2,711.87
Shares Outstanding ((M))	30.23
EPS ( Riyal) (TTM)	0.67
Book Value (BV) ( Riyal)	0.85
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	More than 100
P/E (TTM)	More than 100
Price/book	83.51
Return on Average Assets (%) (TTM)	1.2
Return on Average Equity (%) (TTM)	44.7

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2014	268.97	30.9 %	72.41	34.9 %	46.09	35.6 %
Q2 2014	267.63	19.8 %	67.50	22.7 %	41.59	17.7 %
Q3 2014	283.60	4.4 %	75.60	(5.8 %)	45.67	(1.9 %)
Q4 2014	284.75	5.1 %	79.64	(8.7 %)	40.02	(21.1 %)
2014	1,104.95	13.7 %	295.15	6.8 %	173.36	4.0 %
Q1 2015	275.44	2.4 %	67.16	(7.3 %)	34.43	(25.3 %)
Q2 2015	237.15	(11.4 %)	58.82	(12.9 %)	22.53	(45.8 %)
Q3 2015	228.40	(19.5 %)	48.40	(36.0 %)	7.35	(83.9 %)
Q4 2015	286.90	0.8 %	80.13	0.6 %	33.62	(16.0 %)
2015	1,027.89	(7.0 %)	256.80	(13.0 %)	96.39	(44.4 %)
Q1 2016	271.78	(1.3 %)	74.95	11.6 %	39.13	13.6 %
Q2 2016	267.32	12.7 %	70.01	19.0 %	38.96	73.0 %
Q3 2016	251.25	10.0 %	60.44	24.9 %	22.29	203.4 %
Q4 2016	240.07	(16.3 %)	57.94	(27.7 %)	20.63	(38.6 %)
2016	1,030.42	0.2 %	263.34	2.5 %	121.01	25.5 %
Q1 2017	227.33	(16.4 %)	45.28	(39.6 %)	14.90	(61.9 %)
Q2 2017	198.79	(25.6 %)	29.52	(57.8 %)	(3.34)	(108.6 %)
Q3 2017	186.23	(25.9 %)	23.47	(61.2 %)	(7.72)	(134.6 %)
Q4 2017	160.77	(33.0 %)	(23.12)	(139.9 %)	(51.35)	(348.9 %)
2017	773.12	(25.0 %)	75.15	(71.5 %)	(47.51)	(139.3 %)
Q1 2018	147.68	(35.0 %)	10.57	(76.6 %)	(12.95)	(186.9 %)
Q2 2018	201.18	1.2 %	19.38	(34.4 %)	(3.40)	(1.8 %)
Q3 2018	188.50	1.2 %	15.75	(32.9 %)	(7.37)	4.4 %
Q4 2018	121.26	(24.6 %)	32.06	238.7 %	(2.77)	94.6 %
2018	658.62	(14.8 %)	79.73	6.1 %	(26.50)	44.2 %
Q1 2019	119.24	(19.3 %)	7.01	(33.7 %)	(14.72)	(13.7 %)
Q2 2019	123.33	(38.7 %)	0.00	(100.0 %)	(22.33)	(556.9 %)
Q3 2019	141.15	(25.1 %)	2.73	(82.7 %)	(21.40)	(190.2 %)
Q4 2019	222.34	83.4 %	30.98	(3.4 %)	7.46	369.0 %
2019	606.07	(8.0 %)	40.71	(48.9 %)	(50.99)	(92.4 %)
Q1 2020	155.47	30.4 %	6.14	(12.4 %)	(20.45)	(38.9 %)
Q2 2020	128.81	4.4 %	0.40	13366.7 %	(25.31)	(13.4 %)
Q3 2020	114.00	(19.2 %)	(23.32)	(955.9 %)	(41.51)	(94.0 %)
Q4 2020	135.25	(39.2 %)	(11.56)	(137.3 %)	(51.28)	(787.5 %)
2020	533.52	(12.0 %)	(28.35)	(169.6 %)	(138.55)	(171.7 %)
Q1 2021	108.36	(30.3 %)	(8.82)	(243.7 %)	(28.64)	(40.1 %)
Q2 2021	127.66	(0.9 %)	(6.32)	(1688.2 %)	(26.17)	(3.4 %)
Q3 2021	119.34	4.7 %	(8.63)	63.0 %	(27.77)	33.1 %
Q4 2021	112.84	(16.6 %)	(4.57)	60.4 %	(26.80)	47.7 %
2021	468.20	(12.2 %)	(28.34)	0.0 %	(109.38)	21.1 %
Q1 2022	117.23	8.2 %	(3.94)	55.3 %	(21.54)	24.8 %
Q2 2022	62.57	(51.0 %)	(26.93)	(326.1 %)	(46.45)	(77.5 %)
Q3 2022	89.41	(25.1 %)	(32.26)	(273.7 %)	(51.27)	(84.6 %)
Q4 2022	135.00	19.6 %	6.54	243.0 %	(66.82)	(149.3 %)
2022	404.21	(13.7 %)	(56.60)	(99.7 %)	(186.07)	(70.1 %)
Q1 2023	116.39	(0.7 %)	2.45	162.0 %	(12.39)	42.5 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	971.41	12.3 %	276.24	23.5 %	166.63	23.7 %
2014	1,104.95	13.7 %	295.15	6.8 %	173.36	4.0 %
2015	1,027.89	(7.0 %)	256.80	(13.0 %)	96.39	(44.4 %)
2016	1,030.42	0.2 %	263.34	2.5 %	121.01	25.5 %
2017	773.12	(25.0 %)	75.15	(71.5 %)	(47.51)	(139.3 %)
2018	658.62	(14.8 %)	79.73	6.1 %	(26.50)	44.2 %
2019	606.07	(8.0 %)	40.71	(48.9 %)	(50.99)	(92.4 %)
2020	533.52	(12.0 %)	(28.35)	(169.6 %)	(138.55)	(171.7 %)
2021	468.20	(12.2 %)	(28.34)	0.0 %	(109.38)	21.1 %
2022	404.21	(13.7 %)	(56.60)	(99.7 %)	(186.07)	(70.1 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2014	43.52	37.2 %	1.44	-	43.52	1.44
Q2 2014	40.78	23.1 %	1.35	-	40.78	1.35
Q3 2014	43.12	(2.9 %)	1.43	-	43.12	1.43
Q4 2014	29.27	(32.7 %)	0.97	-	29.27	0.97
2014	156.69	2.6 %	5.18	-	156.69	5.18
Q1 2015	30.04	(31.0 %)	0.99	-	30.04	0.99
Q2 2015	17.02	(58.3 %)	0.56	-	17.02	0.56
Q3 2015	1.95	(95.5 %)	0.06	-	1.95	0.06
Q4 2015	27.10	(7.4 %)	0.90	-	27.10	0.90
2015	76.10	(51.4 %)	2.52	-	76.10	2.52
Q1 2016	31.77	5.8 %	1.05	-	31.77	1.05
Q2 2016	31.16	83.1 %	1.03	-	31.16	1.03
Q3 2016	10.50	439.6 %	0.35	-	10.50	0.35
Q4 2016	16.91	(37.6 %)	0.56	-	16.91	0.56
2016	90.34	18.7 %	2.99	-	90.34	2.99
Q1 2017	8.70	(72.6 %)	0.29	-	8.70	0.29
Q2 2017	(5.57)	(117.9 %)	(0.18)	-	(5.57)	(0.18)
Q3 2017	(12.66)	(220.6 %)	(0.42)	-	(12.66)	(0.42)
Q4 2017	(55.77)	(429.8 %)	(1.84)	-	(55.77)	(1.84)
2017	(65.30)	(172.3 %)	(2.16)	-	(65.30)	(2.16)
Q1 2018	(15.42)	(277.1 %)	(0.51)	-	(15.42)	(0.51)
Q2 2018	(9.82)	(76.1 %)	(0.32)	-	(9.82)	(0.32)
Q3 2018	(13.78)	(8.8 %)	(0.46)	-	(13.78)	(0.46)
Q4 2018	(46.73)	16.2 %	(1.55)	(11.80)	(34.93)	(1.16)
2018	(85.74)	(31.3 %)	(2.84)	(11.80)	(73.94)	(2.45)
Q1 2019	(17.97)	(16.6 %)	(0.59)	-	(17.97)	(0.59)
Q2 2019	(27.53)	(180.4 %)	(0.91)	-	(27.53)	(0.91)
Q3 2019	(27.89)	(102.4 %)	(0.92)	-	(27.89)	(0.92)
Q4 2019	(1.47)	96.9 %	(0.05)	(4.96)	3.49	0.12
2019	(74.85)	12.7 %	(2.48)	(4.96)	(69.89)	(2.31)
Q1 2020	(25.13)	(39.9 %)	(0.83)	-	(25.13)	(0.83)
Q2 2020	(27.31)	0.8 %	(0.90)	-	(27.31)	(0.90)
Q3 2020	(44.83)	(60.7 %)	(1.48)	-	(44.83)	(1.48)
Q4 2020	(61.05)	(4,053.2 %)	(2.02)	-	(61.05)	(2.02)
2020	(158.32)	(111.5 %)	(5.24)	-	(158.32)	(5.24)
Q1 2021	(32.66)	(29.9 %)	(1.08)	-	(32.66)	(1.08)
Q2 2021	(29.43)	(7.7 %)	(0.97)	-	(29.43)	(0.97)
Q3 2021	(31.19)	30.4 %	(1.03)	-	(31.19)	(1.03)
Q4 2021	(37.17)	39.1 %	(1.23)	-	(37.17)	(1.23)
2021	(130.44)	17.6 %	(4.31)	-	(130.44)	(4.31)
Q1 2022	(18.82)	42.4 %	(0.62)	-	(18.82)	(0.62)
Q2 2022	(47.71)	(62.1 %)	(1.58)	-	(47.71)	(1.58)
Q3 2022	(56.01)	(79.6 %)	(1.85)	-	(56.01)	(1.85)
Q4 2022	(73.59)	(98.0 %)	(2.43)	(7.31)	(66.28)	(2.19)
2022	(196.13)	(50.4 %)	(6.49)	(7.31)	(188.83)	(6.25)
Q1 2023	(18.58)	1.3 %	(0.61)	-	(18.58)	(0.61)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	152.77	26.7 %	5.05	-	152.77	5.05
2014	156.69	2.6 %	5.18	-	156.69	5.18
2015	76.10	(51.4 %)	2.52	-	76.10	2.52
2016	90.34	18.7 %	2.99	-	90.34	2.99
2017	(65.30)	(172.3 %)	(2.16)	-	(65.30)	(2.16)
2018	(85.74)	(31.3 %)	(2.84)	(11.80)	(73.94)	(2.45)
2019	(74.85)	12.7 %	(2.48)	(4.96)	(69.89)	(2.31)
2020	(158.32)	(111.5 %)	(5.24)	-	(158.32)	(5.24)
2021	(130.44)	17.6 %	(4.31)	-	(130.44)	(4.31)
2022	(196.13)	(50.4 %)	(6.49)	(7.31)	(188.83)	(6.25)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	28.50 %	24.75 %	15.90 %
Q2 2014	28.49 %	25.28 %	15.96 %
Q3 2014	27.75 %	26.09 %	15.67 %
Q4 2014	26.71 %	26.19 %	14.18 %
2014	26.71 %	26.19 %	14.18 %
Q1 2015	26.08 %	25.83 %	12.89 %
Q2 2015	26.02 %	24.40 %	11.05 %
Q3 2015	24.76 %	21.56 %	7.63 %
Q4 2015	24.76 %	20.33 %	7.40 %
2015	24.98 %	20.18 %	7.40 %
Q1 2016	25.61 %	20.64 %	7.60 %
Q2 2016	25.94 %	21.75 %	8.72 %
Q3 2016	26.51 %	22.60 %	9.33 %
Q4 2016	25.56 %	22.50 %	8.77 %
2016	25.56 %	22.50 %	8.77 %
Q1 2017	23.70 %	21.09 %	6.82 %
Q2 2017	21.06 %	18.07 %	3.33 %
Q3 2017	18.33 %	15.29 %	0.87 %
Q4 2017	9.72 %	7.52 %	(8.45 %)
2017	9.72 %	7.52 %	(8.45 %)
Q1 2018	5.83 %	3.96 %	(12.89 %)
Q2 2018	4.35 %	3.42 %	(13.46 %)
Q3 2018	3.24 %	3.51 %	(13.58 %)
Q4 2018	11.81 %	9.95 %	(11.23 %)
2018	12.11 %	9.95 %	(11.23 %)
Q1 2019	11.77 %	10.01 %	(12.14 %)
Q2 2019	9.93 %	8.31 %	(17.05 %)
Q3 2019	8.28 %	6.69 %	(21.45 %)
Q4 2019	6.72 %	7.16 %	(11.53 %)
2019	6.72 %	7.16 %	(11.53 %)
Q1 2020	6.20 %	5.40 %	(12.00 %)
Q2 2020	6.21 %	4.30 %	(11.86 %)
Q3 2020	2.29 %	0.51 %	(15.11 %)
Q4 2020	(5.31 %)	(11.03 %)	(29.68 %)
2020	(5.31 %)	(11.03 %)	(29.68 %)
Q1 2021	(8.90 %)	(14.12 %)	(34.10 %)
Q2 2021	(10.31 %)	(14.76 %)	(34.61 %)
Q3 2021	(7.20 %)	(12.11 %)	(31.46 %)
Q4 2021	(6.05 %)	(7.38 %)	(27.86 %)
2021	(6.05 %)	(7.38 %)	(27.86 %)
Q1 2022	(4.92 %)	(6.01 %)	(24.44 %)
Q2 2022	(10.70 %)	(12.50 %)	(32.74 %)
Q3 2022	(17.72 %)	(20.15 %)	(41.80 %)
Q4 2022	(14.00 %)	(29.33 %)	(46.72 %)
2022	(14.00 %)	(29.33 %)	(46.72 %)
Q1 2023	(12.45 %)	(26.56 %)	(46.75 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	28.44 %	25.00 %	15.73 %
2014	26.71 %	26.19 %	14.18 %
2015	24.98 %	20.18 %	7.40 %
2016	25.56 %	22.50 %	8.77 %
2017	9.72 %	7.52 %	(8.45 %)
2018	12.11 %	9.95 %	(11.23 %)
2019	6.72 %	7.16 %	(11.53 %)
2020	(5.31 %)	(11.03 %)	(29.68 %)
2021	(6.05 %)	(7.38 %)	(27.86 %)
2022	(14.00 %)	(29.33 %)	(46.72 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	26.92 %	24.57 %	16.18 %
Q2 2014	25.22 %	26.51 %	15.24 %
Q3 2014	26.66 %	27.64 %	15.20 %
Q4 2014	27.97 %	25.98 %	10.28 %
Q1 2015	24.38 %	23.14 %	10.91 %
Q2 2015	24.80 %	20.10 %	7.18 %
Q3 2015	21.19 %	15.67 %	0.85 %
Q4 2015	27.93 %	21.54 %	9.44 %
Q1 2016	27.58 %	24.33 %	11.69 %
Q2 2016	26.19 %	24.54 %	11.66 %
Q3 2016	24.05 %	19.89 %	4.18 %
Q4 2016	24.13 %	20.88 %	7.04 %
Q1 2017	19.92 %	18.58 %	3.83 %
Q2 2017	14.85 %	11.79 %	(2.80 %)
Q3 2017	12.60 %	7.81 %	(6.80 %)
Q4 2017	(14.38 %)	(13.72 %)	(34.69 %)
Q1 2018	7.16 %	7.79 %	(10.44 %)
Q2 2018	9.63 %	9.84 %	(4.88 %)
Q3 2018	8.36 %	8.11 %	(7.31 %)
Q4 2018	26.44 %	15.61 %	(28.80 %)
Q1 2019	5.88 %	7.60 %	(15.07 %)
Q2 2019	0.00 %	2.13 %	(22.32 %)
Q3 2019	1.93 %	2.25 %	(19.76 %)
Q4 2019	13.93 %	12.83 %	1.57 %
Q1 2020	3.95 %	0.24 %	(16.17 %)
Q2 2020	0.31 %	(3.27 %)	(21.21 %)
Q3 2020	(20.46 %)	(18.88 %)	(39.32 %)
Q4 2020	(8.55 %)	(24.75 %)	(45.14 %)
Q1 2021	(8.14 %)	(8.76 %)	(30.14 %)
Q2 2021	(4.95 %)	(5.61 %)	(23.05 %)
Q3 2021	(7.23 %)	(7.78 %)	(26.13 %)
Q4 2021	(4.05 %)	(7.64 %)	(32.94 %)
Q1 2022	(3.36 %)	(3.09 %)	(16.06 %)
Q2 2022	(43.05 %)	(47.88 %)	(76.25 %)
Q3 2022	(36.08 %)	(38.89 %)	(62.64 %)
Q4 2022	4.85 %	(37.18 %)	(49.10 %)
Q1 2023	2.10 %	6.69 %	(15.96 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	30.23	5.44	5.44	31.03
Q2 2014	30.23	5.70	5.70	29.90
Q3 2014	30.23	5.65	5.65	31.25
Q4 2014	30.23	5.18	5.18	32.11
Q1 2015	30.23	4.74	4.74	32.79
Q2 2015	30.23	3.95	3.95	31.31
Q3 2015	30.23	2.59	2.59	31.31
Q4 2015	30.23	2.52	2.52	32.05
Q1 2016	30.23	2.57	2.57	30.61
Q2 2016	30.23	3.04	3.04	30.07
Q3 2016	30.23	3.33	3.33	30.40
Q4 2016	30.23	2.99	2.99	30.81
Q1 2017	30.23	2.23	2.23	31.18
Q2 2017	30.23	1.01	1.01	29.57
Q3 2017	30.23	0.24	0.24	29.16
Q4 2017	30.23	(2.16)	(2.16)	27.03
Q1 2018	30.23	(2.96)	(2.96)	26.10
Q2 2018	30.23	(3.10)	(3.10)	25.69
Q3 2018	30.23	(3.13)	(3.13)	25.22
Q4 2018	30.23	(2.84)	(2.45)	23.53
Q1 2019	30.23	(2.92)	(2.53)	22.91
Q2 2019	30.23	(3.51)	(3.12)	22.06
Q3 2019	30.23	(3.97)	(3.58)	21.12
Q4 2019	30.23	(2.48)	(2.31)	19.94
Q1 2020	30.23	(2.71)	(2.55)	19.98
Q2 2020	30.23	(2.71)	(2.54)	19.07
Q3 2020	30.23	(3.27)	(3.10)	17.59
Q4 2020	30.23	(5.24)	(5.24)	14.61
Q1 2021	30.23	(5.49)	(5.49)	13.54
Q2 2021	30.23	(5.56)	(5.56)	12.57
Q3 2021	30.23	(5.10)	(5.10)	11.53
Q4 2021	30.23	(4.31)	(4.31)	10.23
Q1 2022	30.23	(3.86)	(3.86)	9.61
Q2 2022	30.23	(4.46)	(4.46)	8.03
Q3 2022	30.23	(5.28)	(5.28)	6.18
Q4 2022	30.23	(6.49)	(6.25)	3.91
Q1 2023	30.23	(6.48)	(6.24)	3.29

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	30.23	5.05	5.05	29.59
2014	30.23	5.18	5.18	32.11
2015	30.23	2.52	2.52	32.05
2016	30.23	2.99	2.99	30.81
2017	30.23	(2.16)	(2.16)	27.03
2018	30.23	(2.84)	(2.45)	23.53
2019	30.23	(2.48)	(2.31)	19.94
2020	30.23	(5.24)	(5.24)	14.61
2021	30.23	(4.31)	(4.31)	10.23
2022	30.23	(6.49)	(6.25)	3.91

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	20.60	20.60	3.61
Q2 2014	20.56	20.56	3.92
Q3 2014	21.22	21.22	3.84
Q4 2014	13.85	13.85	2.24
Q1 2015	16.63	16.63	2.40
Q2 2015	19.69	19.69	2.49
Q3 2015	18.17	18.17	1.50
Q4 2015	19.25	19.25	1.51
Q1 2016	18.59	18.59	1.56
Q2 2016	16.51	16.51	1.67
Q3 2016	13.28	13.28	1.45
Q4 2016	19.62	19.62	1.90
Q1 2017	22.48	22.48	1.60
Q2 2017	38.15	38.15	1.30
Q3 2017	More than 100	More than 100	1.40
Q4 2017	NEG	NEG	1.40
Q1 2018	NEG	NEG	1.36
Q2 2018	NEG	NEG	1.45
Q3 2018	NEG	NEG	1.19
Q4 2018	NEG	NEG	1.34
Q1 2019	NEG	NEG	1.36
Q2 2019	NEG	NEG	1.26
Q3 2019	NEG	NEG	1.29
Q4 2019	NEG	NEG	1.39
Q1 2020	NEG	NEG	1.00
Q2 2020	NEG	NEG	1.31
Q3 2020	NEG	NEG	2.08
Q4 2020	NEG	NEG	3.02
Q1 2021	NEG	NEG	4.00
Q2 2021	NEG	NEG	4.88
Q3 2021	NEG	NEG	4.70
Q4 2021	NEG	NEG	4.10
Q1 2022	NEG	NEG	4.11
Q2 2022	NEG	NEG	3.39
Q3 2022	NEG	NEG	5.06
Q4 2022	NEG	NEG	5.78
Q1 2023	NEG	NEG	7.64

Period	P/E	Adjusted P/E	Price/book
2013	14.33	14.33	2.45
2014	13.85	13.85	2.24
2015	19.25	19.25	1.51
2016	19.62	19.62	1.90
2017	NEG	NEG	1.40
2018	NEG	NEG	1.34
2019	NEG	NEG	1.39
2020	NEG	NEG	3.02
2021	NEG	NEG	4.10
2022	NEG	NEG	5.78

Business Segments (Million)

Compared With The

Period	General Construction	Manufacture & sale	property Leasing	Paints
Q1 2014	-	177.96	87.55	3.46
Q2 2014	-	161.40	101.21	5.02
Q3 2014	-	190.82	85.23	7.56
Q4 2014	-	193.96	86.47	4.32
Q1 2015	-	165.59	101.37	8.48
Q2 2015	-	125.78	99.86	11.52
Q3 2015	-	109.04	107.64	11.72
Q4 2015	-	144.92	129.91	12.08
Q1 2016	-	144.90	109.31	17.57
Q2 2016	-	142.61	106.14	18.57
Q3 2016	-	140.72	99.25	11.29
Q4 2016	-	135.03	88.92	19.05
Q1 2017	-	128.22	84.72	14.39
Q2 2017	-	105.23	81.14	12.42
Q3 2017	-	98.66	76.24	11.33
Q4 2017	-	77.69	74.08	9.00
Q1 2018	-	70.54	64.99	12.16
Q2 2018	-	123.48	67.30	10.40
Q3 2018	-	110.77	66.99	10.74
Q4 2018	-	41.44	67.39	12.43
Q1 2019	-	54.21	55.69	9.35
Q2 2019	-	62.44	51.32	9.30
Q3 2019	-	77.50	53.11	10.55
Q4 2019	-	158.09	51.30	12.95
Q1 2020	-	91.58	55.10	8.78
Q2 2020	-	67.98	58.00	2.83
Q3 2020	-	70.91	38.83	4.26
Q4 2020	-	88.93	37.72	8.60
Q1 2021	-	54.20	47.00	7.16
Q2 2021	-	66.25	54.94	6.47
Q3 2021	-	69.80	46.48	3.06
Q4 2021	-	54.97	54.57	3.31
Q1 2022	-	78.06	36.09	3.08
Q2 2022	-	16.87	41.42	4.28
Q3 2022	-	42.99	44.08	2.34
Q4 2022	-	101.71	42.98	-
Q1 2023	-	78.82	37.56	-

Period	General Construction	Manufacture & sale	property Leasing	Paints
2013	-	663.34	301.55	6.52
2014	-	724.13	360.46	20.35
2015	-	545.33	438.77	43.79
2016	-	563.25	403.61	66.48
2017	-	409.80	316.19	47.13
2018	-	346.23	266.66	45.72
2019	-	352.23	211.69	42.15
2020	-	319.41	189.64	24.48
2021	-	245.22	202.98	20.00
2022	-	239.63	164.58	-

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