Red Sea records SR48 mln losses during 2Q

Red Sea International Co. revealed that the net loss after zakat and tax in Q2 increased 61% to SR48 million, compared to SR30 million in the same quarter of last year.

This came after Red Sea’s announcement on Sunday about the preliminary financial results for the period ending on 30-06-2022 (six months).

The operational loss amounted to SR46 million in the second quarter, compared to SR26 million in the same quarter of the previous year, by 77%.

The net loss after zakat and tax in the 6-month period amounted to SR67 million, compared to SR63 million in the same period of the last year, by 7%.

The gross shareholders’ equity “without minority rights” amounted to SR121 billion in the current period, compared to SR45.14 billion in the same period last year, an increase of 168%.

Losses per share in the current period reached SR1.11, compared to SR1.03 in the same period last year.

‘There was an increase in net loss attributable to Shareholders of the Company from SAR 29.4 million in the second quarter last year to SAR 47.7 million in the current quarter which represent an increase in loss by 62.1%. The increase in net loss is primarily attributed to the decrease in revenue and increase in gross loss as compared to same quarter of last year.

‘There was an increase in net loss attributable to Shareholders of the Company from SAR 18.8 million in the previous quarter to SAR 47.7 million in the current quarter, which represent an increase in loss by 153.7%. The increase in net loss was mainly due to decrease in revenue, increase in general & administration expenses and selling and distribution expenses in current quarter as compared to previous quarter.

The increase in net loss was mainly due to decrease in revenue, increase in general & administration expenses and selling and distribution expenses in current quarter as compared to previous quarter.

Additional Information:

‘The revenue for the current quarter was SAR 62.6 million as compared to SAR 127.7 million during the same quarter of last year, which represents a decrease of 50.9% in the revenues, and compared to revenues of SAR 117.2 million generated in the previous quarter, which represents a decrease of 46.6%.

The Comprehensive loss attributable to Shareholders of the Company for the current quarter is SAR 47.7 million as compared to comprehensive loss of SAR 29.4 million in the same quarter previous year, representing an increase in loss by 62.1%.

The Net Shareholders’ Equity attributable to shareholders (excluding minority interest) as at 30 June 2022 was SAR 242.9 million as compared to SAR 290.6 million as at 31 March 2022, which represents a decrease of 16.4%.

The basic and diluted loss per share attributable to the shareholders of the Parent Company for the period ending as of 30 June 2022 was SAR 1.11 per share as compared to SAR 1.03 as of 30 June 2021, which represent an increase in loss per share by 7.7% for the six month period ended on 30 June 2022.