Red Sea International Co. (RSI) deepened net losses after Zakat and tax to SAR 67.3 million for the first half of 2022, from SAR 62.9 million in the year-earlier period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 236.02 | 179.80 | (23.8 %) |
| Gross Income | (15.14) | (30.88) | (104.0 %) |
| Operating Income | (54.81) | (67.99) | (24.1 %) |
| Net Income | (62.08) | (66.53) | (7.2 %) |
| Average Shares | 30.23 | 30.23 | 0.0 % |
| EPS (Riyals) | (2.05) | (2.20) | (7.2 %) |
The increased net losses were mainly attributed to a decrease in revenue, higher general and administrative (G&A) expenses, as well as selling and distribution expenses.
The second-quarter net losses after Zakat and tax increased by 61.2% to SAR 48.2 million, from SAR 29.9 million in Q2 2021, due to lower revenue and an increase in gross loss compared to the corresponding period of 2021.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 127.66 | 62.57 | (51.0 %) |
| Gross Income | (6.32) | (26.93) | (326.1 %) |
| Operating Income | (26.17) | (46.45) | (77.5 %) |
| Net Income | (29.43) | (47.71) | (62.1 %) |
| Average Shares | 30.23 | 30.23 | 0.0 % |
| EPS (Riyals) | (0.97) | (1.58) | (62.1 %) |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 117.23 | 62.57 | (46.6 %) |
| Gross Income | (3.94) | (26.93) | (582.9 %) |
| Operating Income | (21.54) | (46.45) | (115.6 %) |
| Net Income | (18.82) | (47.71) | (153.5 %) |
| Average Shares | 30.23 | 30.23 | - |
| EPS (Riyals) | (0.62) | (1.58) | (153.5 %) |
Compared to Q1 2022, net losses widened by 152.4% from SAR 19.10 million.
Total shareholders’ equity, after minority interest, declined to SAR 242.9 million as of June 30, 2022, from SAR 379.9 million a year earlier.
Accumulated losses reached SAR 357.1 million, or 59.52% of the company’s capital by the end of the current period.
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