Financial Results : Red Sea cuts Q1 2025 losses to SAR 11.2M

Red Sea cuts Q1 2025 losses to SAR 11.2M

15/05/2025 Argaam Exclusive

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Red Sea International (RSI) narrowed Q1 2025 net losses, after minority interest, to SAR 11.2 million from SAR 18.9 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2024 Q1 2025 Change‬
Revenues 659.21 700.66 6.3 %
Gross Income 67.15 92.49 37.7 %
Operating Income 3.26 19.12 485.8 %
Net Income (18.93) (11.23) 40.7 %
Average Shares 30.23 30.23 -
Earnings Per Share before unusual items (Riyal) (0.63) (0.37) 40.7 %
EPS (Riyal) (0.63) (0.37) 40.7 %

Before minority interest, the company turned to net earnings of SAR 4.5 million in Q1 2025, against losses of SAR 12 million a year before.

 

RSI posted higher revenues, primarily due to the fulfillment of performance obligations and percentage of completion achieved to recognize the revenue.

 

In the first quarter of 2025, the company narrowed losses from SAR 16.78 million in Q4 2024.

 

Total shareholders’ equity, after minority interest, decreased to SAR 3.96 million by March 31, 2025, from SAR 51.91 million a year earlier.

 

Accumulated losses amounted to SAR 294.52 million at the end of Q1 2025, representing 97.4% of the company's capital.

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