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Net losses at Saudi Arabia’s Red Sea International Co. narrowed to 31.2 million riyals ($8.3 million) in the third quarter after an increase in revenues, but accumulated losses still reached approximately 40 percent of the capital.
Total revenue for the three months ending September 30 stood at 119.3 million riyals, up by 4.6 percent from the same period last year, the provider of large-scale accommodation and infrastructure facilities told the Saudi Stock Exchange (Tadawul).
“There was a decrease in net loss attributable to shareholders of the company [in the third quarter]… This is primarily attributed to the increase in revenue and gross profit as compared to [the] same quarter last year,” Red Sea International said.
Accumulated losses amounted to 239.5 million riyals, accounting for 39.9 percent of the company’s capital.
For the first nine months of the year, sales/revenue reached 355.4 million riyals, still down by 10.77 percent compared to a year earlier.
Total shareholder equity for the same period topped 326 million riyals, showing a decline of 33 percent from the same period in 2020.
(Writing by Cleofe Maceda; editing by Daniel Luiz )
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