Red Sea International Co. (Red Sea) narrowed net loss after Zakat and tax by 16.1% year-on-year (YoY) to SAR 71.9 million for fiscal year 2019 from SAR 85.7 million a year earlier.
| Item | 2018 | 2019 | Change |
|---|---|---|---|
| Revenues | 658.62 | 606.07 | (8.0 %) |
| Gross Income | 79.73 | 40.71 | (48.9 %) |
| Operating Income | (26.50) | (50.99) | (92.4 %) |
| Net Income | (85.74) | (74.85) | 12.7 % |
| Average Shares | 30.23 | 30.23 | - |
| EPS (Riyals) | (2.84) | (2.48) | 12.7 % |
The company said in a bourse statement that the decline in net loss was due to decrease in general and administration expenses, in addition to lower impairment of non-financial assets.
The Saudi developer reported revenue of SAR 641.1 million for 2019, down 2.7% YoY.
Total comprehensive income dropped by 17.04% YoY to SAR 75.9 million from SAR 91.5 million in the previous year.
In Q4 2019, the company reported net profit of SAR 1.48 million, compared to net loss of SAR 46.69 million in the same period in 2018.
| Item | Q4 2018 | Q4 2019 | Change |
|---|---|---|---|
| Revenues | 121.26 | 222.34 | 83.4 % |
| Gross Income | 32.06 | 30.98 | (3.4 %) |
| Operating Income | (2.77) | 7.46 | 369.0 % |
| Net Income | (46.73) | (1.47) | 96.9 % |
| Average Shares | 30.23 | 30.23 | - |
| EPS (Riyals) | (1.55) | (0.05) | 96.9 % |
| Item | Q3 2019 | Q4 2019 | Change |
|---|---|---|---|
| Revenues | 141.15 | 222.34 | 57.5 % |
| Gross Income | 2.73 | 30.98 | 1036.8 % |
| Operating Income | (21.40) | 7.46 | 134.9 % |
| Net Income | (27.89) | (1.47) | 94.7 % |
| Average Shares | 30.23 | 30.23 | - |
| EPS (Riyals) | (0.92) | (0.05) | 94.7 % |
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