Red Sea International’s losses shrink 42% in Q1-22 initial results

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Riyadh – Red Sea International Company has incurred net losses after Zakat and tax worth SAR 19.10 million in the first quarter (Q1) of 2022, lower by 42.12% than SAR 33 million in Q1-21.

The company’s revenues increased by 8.11% to SAR 117.20 million in Q1-22, compared to SAR 108.40 million in the January-March 2021 period, according to a bourse filing on Sunday.

In the first three months (3M) of 2022, the loss per share plummeted to SAR 0.13 from SAR 0.54 during the same period in the previous year.

On a quarterly basis, the revenues in Q1-22 went up by 3.90% from SAR 112.80 million in Q4-21, while the net losses dropped by 49.47% from SAR 37.80 million.

The Saudi listed firm noted that the accumulated losses have reached SAR 298 million, accounting for 49.67% of the SAR 600 million capital, at the end of Q1-22.

Last year, Red Sea International registered net losses after Zakat and tax of SAR 130.40 million, down 17.62% from SAR 158.30 million in 2020.