Red Sea logs SAR 14.3M loss in H1 2026, SAR 16.9M in Q2

11/08/2026 Argaam Exclusive

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Red Sea International Co. deepened its loss to SAR 14.3 million in the first half of 2026, from SAR 12.5 million in the year-earlier period.


Financials (Million Riyal)

Item 6m 2025 6m 2026 Change‬
Revenues 1,479.85 1,239.27 (16.3 %)
Gross Income 182.98 134.70 (26.4 %)
Operating Income 42.83 (0.71) (101.7 %)
Net Income (12.48) (14.32) (14.7 %)
Average Shares 34.74 48.27 38.9 %
Earnings Per Share before unusual items (Riyals) (0.36) (0.30) 17.5 %
EPS (Riyal) (0.36) (0.30) 17.5 %

Higher losses were due to 16% year-on-year (YoY) lower revenue from general construction from SAR 1.24 billion in H1 2025 to SAR 1.04 billion in H1 2026.

 

Moreover, revenue from building sales was down 60% YoY to SAR 60 million in H1 2026. However, these were offset by a 57% YoY higher revenue from rental of investment properties and facilities management to SAR 140 million in H1 2026.

 

In Q2 2026, net loss widened to SAR 16.86 million, from SAR 1.26 million in Q2 2025. This was due to decline in revenue and execution of low-margin projects. Besides, higher financing costs due to increase in borrowings and provisions for expected credit losses, resulting from the aging of retention receivables and contract assets.



Current Quarter Comparison (Million Riyal)

Compared With The
Item Q2 2025 Q2 2026 Change‬
Revenues 779.18 608.05 (22.0 %)
Gross Income 90.48 58.48 (35.4 %)
Operating Income 23.72 (15.17) (163.9 %)
Net Income (1.26) (16.86) (1,242.2 %)
Average Shares 34.74 48.27 38.9 %
Earnings Per Share before unusual items (Riyal) (0.04) (0.35) (866.1 %)
EPS (Riyal) (0.04) (0.35) (866.1 %)

On a sequential basis, Red Sea turned to a loss from a net profit of SAR 2.54 million in Q1 2026.

 

Total shareholders’ equity, after minority interest, amounted to SAR 418.2 million as of June 30, 2026, compared to SAR -4.91 million a year earlier.

 

Accumulated losses amounted to SAR 52.7 million as of H1 2026, representing 11% of the company’s capital.

View more financial results

 

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Share Price

Red Sea International Co.
22.84
(0.17) (0.74 %)

Red Sea International Co. (RED SEA)

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Financial Ratios
Current
Market Cap (M Riyal) 1,102.49
Enterprise Value (EV) (M Riyal) 2,121.44
Shares Outstanding ((M)) 48.27
Recurring EPS ( Riyal) (TTM) (1.18)
Book Value (BV) ( Riyal) 8.66
Par Value ( Riyal) 10.00
Recurring P/E (TTM) Neg
P/E (TTM) NEG
Price/book 2.64
Dividend Yield (%) (Last Year) -
Return on Average Assets (%) (TTM) (1.77 )
Return on Average Equity (%) (TTM) (27.52 )
EV/Revenues 0.68
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