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

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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Financial results (Million)

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 %)
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 %)
Q4 2022 135.00 19.6 % 6.54 243.0 % (66.82) (149.3 %)
Q1 2023 - - - - - -
Q2 2023 - - - - - -
Q3 2023 - - - - - -


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
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)
Q4 2022 (73.59) (98.0 %) (2.43) (7.31) (66.28) (2.19)
Q1 2023 - - - - - -
Q2 2023 - - - - - -
Q3 2023 - - - - - -

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 %
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 %)
Q4 2022 (14.00 %) (29.33 %) (46.72 %)
Q1 2023 (12.45 %) (26.56 %) (46.75 %)
Q2 2023 (5.10 %) (16.18 %) (35.83 %)
Q3 2023 3.20 % (6.30 %) (24.85 %)


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
Q2 2023 30.23 (5.53) (5.29) 2.66
Q3 2023 30.23 (4.18) (3.93) 2.16

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
Q2 2023 NEG NEG 9.66
Q3 2023 NEG NEG 10.57

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 -
Q2 2023 - 66.98 38.77 -
Q3 2023 - 83.35 38.25 0.03


Financial Ratios
Current
Market Cap (M Riyal) 2,001.23
Enterprise Value (EV) (M) 2,633.89
Shares Outstanding ((M)) 30.23
EPS ( Riyal) (TTM) (0.91)
Book Value (BV) ( Riyal) 0.85
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 77.86
Return on Average Assets (%) (TTM) (1.47 )
Return on Average Equity (%) (TTM) (60.48 )
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Share Price

Red Sea International Co.
66.30
0.20 0.30 %

Red Sea International Co. (RED SEA)

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