Financial Results : Red Sea extends 9M 2022 loss to SAR 122.5 mln, Q3 at SAR 56 mln

Red Sea extends 9M 2022 loss to SAR 122.5 mln, Q3 at SAR 56 mln

09/11/2022 Argaam Exclusive

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Red Sea International Co. (RSI) widened net losses after Zakat and tax to SAR 122.5 million in the first nine months of 2022, from SAR 93.3 million in the year-earlier period.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 355.36 269.21 (24.2 %)
Gross Income (23.77) (63.14) (165.6 %)
Operating Income (82.58) (119.26) (44.4 %)
Net Income (93.27) (122.54) (31.4 %)
Average Shares 30.23 30.23 0.0 %
EPS (Riyals) (3.08) (4.05) (31.4 %)

The increase in net losses is attributed to lower revenues resulting from delays in contracts deliveries and higher in cost of sales, general & administrative expenses, and, selling and distribution expenses.

 

In Q3 2022, the company deepened its losses to SAR 56 million, from SAR 31.2 million in Q3 2021.

 

Compared to Q2 2022, losses widened in Q3 2022 from SAR 47.7 million.

 



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 119.34 89.41 (25.1 %)
Gross Income (8.63) (32.26) (273.7 %)
Operating Income (27.77) (51.27) (84.6 %)
Net Income (31.19) (56.01) (79.6 %)
Average Shares 30.23 30.23 0.0 %
EPS (Riyals) (1.03) (1.85) (79.6 %)

Total shareholders’ equity, excluding minority interest, fell to SAR 162.8 million as of Sept. 30, 2022, from SAR 326.6 million a year earlier.

 

Accumulated losses came in at SAR 103.7 million by the end of the nine-month period, representing 34.3% of the company’s capital.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 205.42 (7.0 %) 53.67 3.8 % 33.99 (7.4 %)
Q2 2013 223.45 13.7 % 55.04 19.4 % 35.34 12.2 %
Q3 2013 271.60 11.1 % 80.29 29.2 % 46.55 62.3 %
Q4 2013 270.94 33.5 % 87.24 37.0 % 50.75 34.2 %
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 %)
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 %)
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 %)
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 %)
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 %
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 %
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 %)
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 %
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 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 31.72 0.5 % 1.05 - 31.72 1.05
Q2 2013 33.12 7.8 % 1.10 - 33.12 1.10
Q3 2013 44.42 75.7 % 1.47 - 44.42 1.47
Q4 2013 43.52 31.6 % 1.44 - 43.52 1.44
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
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
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
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)
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)
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
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)
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)
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)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 26.57 % 24.38 % 14.22 %
Q2 2013 26.77 % 24.06 % 14.06 %
Q3 2013 27.97 % 25.56 % 15.75 %
Q4 2013 28.44 % 25.00 % 15.73 %
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 %
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 %
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 %
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 %)
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 %)
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 %)
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 %)
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 %)
Q1 2022 (4.92 %) (6.01 %) (24.44 %)
Q2 2022 (10.70 %) (12.50 %) (32.74 %)
Q3 2022 (17.72 %) (20.15 %) (41.80 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 30.23 3.99 3.99 28.30
Q2 2013 30.23 4.07 4.07 27.54
Q3 2013 30.23 4.71 4.71 28.21
Q4 2013 30.23 5.05 5.05 29.59
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 11.72 11.72 1.65
Q2 2013 12.14 12.14 1.80
Q3 2013 12.59 12.59 2.10
Q4 2013 14.33 14.33 2.45
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

Business Segments (Million)

Compared With The
Period Manufacture & sale property Leasing Paints
Q1 2013 133.49 71.86 0.07
Q2 2013 144.10 78.09 1.27
Q3 2013 198.44 70.55 2.61
Q4 2013 187.31 81.05 2.57
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


Financial Ratios
Current
Market Cap (M Riyal) 2,182.61
Enterprise Value (EV) (M) 2,748.15
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 84.92
Return on Average Assets (%) (TTM) 1.2
Return on Average Equity (%) (TTM) 44.7
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Share Price

Red Sea International Co.
72.00
1.00 1.41 %

Red Sea International Co. (RED SEA)

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