Red Sea International Co. (RSI) trimmed net losses after Zakat and tax to SAR 19.1 million for Q1 2022, from SAR 33 million in the year-earlier period.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 108.36 | 117.23 | 8.2 % |
| Gross Income | (8.82) | (3.94) | 55.3 % |
| Operating Income | (28.64) | (21.54) | 24.8 % |
| Net Income | (32.66) | (18.82) | 42.4 % |
| Average Shares | 30.23 | 30.23 | 0.0 % |
| EPS (Riyals) | (1.08) | (0.62) | 42.4 % |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 112.84 | 117.23 | 3.9 % |
| Gross Income | (4.57) | (3.94) | 13.8 % |
| Operating Income | (26.80) | (21.54) | 19.6 % |
| Net Income | (37.17) | (18.82) | 49.4 % |
| Average Shares | 30.23 | 30.23 | 0.0 % |
| EPS (Riyals) | (1.23) | (0.62) | 49.4 % |
The decline in losses was attributed to higher revenue and a decline in gross losses, compared to the first quarter of 2021.
The developer also cited lower general and administrative expenses, as well as selling and distribution expenses compared to Q1 2021.
Red Sea International narrowed net losses after Zakat and tax from SAR 37.80 million in Q4 2021.
Shareholders’ equity, after minority interest, fell 29% to SAR 290.6 million by the end of Q1 2022 from SAR 409.3 million a year earlier.
Accumulated losses stood at SAR 298 million for the same period, representing 49.67% of the company’s capital.
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