Financial Results : Red Sea posts SAR 62M loss in 2024, SAR 17M in Q4

Red Sea posts SAR 62M loss in 2024, SAR 17M in Q4

31/03/2025 Argaam Exclusive

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Red Sea International Co. widened the 2024 net losses after minority interest to SAR 62 million in 2024 from SAR 48 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 1,378.49 2,984.24 116.5 %
Gross Income 109.60 347.05 216.6 %
Operating Income 6.37 70.13 1001.1 %
Net Income (48.02) (62.37) (29.9 %)
Average Shares 30.23 30.23 -
Earnings Per Share before unusual items (Riyals) (1.77) (2.06) (16.5 %)
EPS (Riyal) (1.59) (2.06) (29.9 %)

Before minority interest, the company recorded net earnings of SAR 4.1 million, against net losses of SAR 23.1 million in 2023.

 

The higher losses were attributed to the amortization of non-tangible assets in 2024.

 

However, Red Sea witnessed higher revenues in 2024, mainly driven by the strategic acquisition of a 51% stake in Fundamental Installation for Electric Work Co. (First Fix) in Q4 2023. This rise was spurred by the consolidation of the subsidiary's results for the full year in 2024 as compared to only the last quarter in the comparative period.

 

Further, by the end of 2024, Red Sea’s operating income jumped to SAR 70 million, versus SAR 6 million in year before.

 

In Q4 2024, Red Sea swung to net losses of SAR 17 million from a net profit of SAR 4.6 million in Q4 2023.

 

However, the three-month net losses narrowed from SAR 23.3 million in Q3 2024.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 1,034.76 867.57 (16.2 %)
Gross Income 100.80 100.93 0.1 %
Operating Income 39.37 17.86 (54.6 %)
Net Income 4.65 (16.78) (460.6 %)
Average Shares 30.23 30.23 -
Earnings Per Share before unusual items (Riyal) (0.03) (0.55) (1,823.9 %)
EPS (Riyal) 0.15 (0.55) (460.6 %)

Total shareholders’ equity, after minority interest, fell to SAR 7.27 million as of Dec. 31, 2024, from SAR 70.83 million a year earlier.

 

Accumulated losses reached SAR 283.29 million by the end of the 12-month period, accounting for 93.7% of the company’s capital.

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