Rawasi Posts SAR 9.5 Million Loss in H1 2024

Rawasi Construction Investment Company posted a net loss of SAR 9.5 million for the first half of 2024, swinging from a profit of SAR 15 million in the same period last year, the company said on Sunday.

Total equity, excluding non-controlling interests, slipped to SAR 128 million from SAR 130 million a year earlier, a 1.5% decline.

Loss per share for the period was SAR 0.18, compared with a profit of SAR 0.28 per share in the first half of 2023.

Rawasi attributed the decline in sales to increased operational spending in preparation for new projects, the completion and delivery of several projects in the first half of 2024, and the commencement of new projects whose financial impact will be realized in future periods.