Financial Results : Red Sea cuts Q1 2024 losses to SAR 6.1M

Red Sea cuts Q1 2024 losses to SAR 6.1M

19/05/2024 Argaam Exclusive

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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.

 



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬

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.

 

Attached Documents

 

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 - - - - - -
Q4 2023 - - - - - -
Q1 2024 659.21 - 68.54 - 29.96 -


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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 - - - - - -
Q4 2023 - - - - - -
Q1 2024 (6.02) - (0.20) - (6.02) (0.20)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q4 2023 8.59 % 8.38 % (2.96 %)
Q1 2024 9.60 % 8.23 % (1.46 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2023 30.23 (1.16) (1.34) 2.36
Q1 2024 30.23 (0.75) (0.93) 2.57

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2023 NEG NEG 10.05
Q1 2024 NEG NEG 11.67

Business Segments (Million)

Compared With The
Period General Construction Manufacture & sale property Leasing Paints
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
Q4 2023 869.25 128.61 36.65 -
Q1 2024 591.08 26.40 41.73 -


Financial Ratios
Current
Market Cap (M Riyal) 1,998.20
Enterprise Value (EV) (M) 2,630.86
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 77.74
Return on Average Assets (%) (TTM) (1.47 )
Return on Average Equity (%) (TTM) (60.48 )
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Share Price

Red Sea International Co.
66.10
(1.30) (1.93 %)

Red Sea International Co. (RED SEA)

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