Red Sea losses decline by 81% during Q3 to 2.9 million riyals

Red Sea International Company revealed a decline in net losses during the third quarter to 2.9 million riyals compared to 15.6 million riyals in the same quarter last year by 81%, following the announcement today of the preliminary financial results for the period ending September 30, 2024 (nine months).

Operating profit amounted to 15.9 million riyals in the third quarter compared to a loss of 8.5 million riyals in the same quarter of the previous year.

The company’s net losses also decreased during the 9-month period to 2.18 million riyals compared to 54.7 million riyals in the same period last year by 96%.

The loss per share in the current period reached 1.51 riyals compared to 2 riyals in the same period last year.