Red Sea losses mount to SAR 45.5M in 9M 2026, SAR 31.2M in Q3

05/11/2026 Argaam Exclusive

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Red Sea International Co. deepened its loss to SAR 45.5 million in the first nine months of 2026, from SAR 14.16 million in the year-earlier period.



Financials (Million Riyal)

Item 9m 2025 9m 2026 Change‬
Revenues 2,465.87 1,614.44 (34.5 %)
Gross Income 271.52 174.57 (35.7 %)
Operating Income 67.87 (34.33) (150.6 %)
Net Income (14.16) (45.52) (221.6 %)
Average Shares 34.74 48.27 38.9 %
Earnings Per Share before unusual items (Riyals) (0.41) (0.94) (131.5 %)
EPS (Riyal) (0.41) (0.94) (131.5 %)

Revenue declined due to a relatively slower pace of project execution in 9M 2026, while gross profit fell amid lower revenue and project execution at relatively low margins.

 

Financing costs increased due to higher borrowings, alongside higher expected credit loss provisions resulting from the aging of receivables from retention amounts and contract assets.

 

The decline was partially offset by savings in selling, general and administrative expenses and lower losses from discontinued operations.



Current Quarter Comparison (Million Riyal)

Compared With The
Item Q3 2025 Q3 2026 Change‬
Revenues 986.02 375.17 (62.0 %)
Gross Income 88.55 39.87 (55.0 %)
Operating Income 25.04 (33.62) (234.3 %)
Net Income (1.67) (31.20) (1,765.2 %)
Average Shares 34.74 48.27 38.9 %
Earnings Per Share before unusual items (Riyal) (0.05) (0.65) (1,242.5 %)
EPS (Riyal) (0.05) (0.65) (1,242.5 %)

In Q3 2026, the company’s losses deepened to SAR 31.2 million from SAR 1.6 million in the same quarter last year.

 

Sequentially, Red Sea reported higher losses compared to SAR 16.8 million in Q2 2026.

 

Shareholders’ equity, after excluding minority interest, stood at SAR 388.3 million by the end of September 30, 2026, compared to -SAR6.58 million a year earlier.

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Share Price

Red Sea International Co.
17.42
0.52 3.08 %

Red Sea International Co. (RED SEA)

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Financial Ratios
Current
Market Cap (M Riyal) 840.86
Enterprise Value (EV) (M Riyal) 1,837.19
Shares Outstanding ((M)) 48.27
Recurring EPS ( Riyal) (TTM) (1.79)
Book Value (BV) ( Riyal) 8.04
Par Value ( Riyal) 10.00
Recurring P/E (TTM) Neg
P/E (TTM) NEG
Price/book 2.17
Dividend Yield (%) (Last Year) -
Return on Average Assets (%) (TTM) (2.63 )
Return on Average Equity (%) (TTM) (45.26 )
EV/Revenues 0.73
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