Red Sea International Co. marginally narrowed Q1 2023 losses to SAR 18.6 million, from SAR 18.8 million in the year-earlier period.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 117.23 | 118.20 | 0.8 % |
| Gross Income | (3.94) | (0.20) | 94.9 % |
| Operating Income | (21.54) | (16.18) | 24.9 % |
| Net Income | (18.82) | (18.58) | 1.3 % |
| Average Shares | 30.23 | 30.23 | - |
| EPS (Riyals) | (0.62) | (0.61) | 1.3 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 135.00 | 118.20 | (12.4 %) |
| Gross Income | 6.54 | (0.20) | (103.1 %) |
| Operating Income | (66.82) | (16.18) | 75.8 % |
| Net Income | (73.59) | (18.58) | 74.8 % |
| Average Shares | 30.23 | 30.23 | - |
| EPS (Riyals) | (2.43) | (0.61) | 74.8 % |
The company cited a cost optimization and reduction plan, which resulted in an overall decline in the cost of sales, selling and marketing as well as general and administrative (G&A) expenses compared Q1 2022.
On the other hand, Red Sea witnessed one-off deals in other income in the first quarter of 2022.
On a sequential basis, the company trimmed net losses by 74.8% from SAR 73.59 million in Q4 2022, as the company absorbed one-off losses from its international operations in Africa and Asia in the fourth quarter of 2022.
Shareholders’ equity, no minority interest, dropped to SAR 99.5 million as of March 31, 2023, from SAR 290.6 million in the year-earlier period.
Accumulated losses stood at SAR 191 million by the end of Q1 2023, representing 63.2% of the company’s capital.
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