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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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 275.44 2.4 % 67.16 (7.3 %) 34.43 (25.3 %)
Q2 2015 237.15 (11.4 %) 58.82 (12.9 %) 22.53 (45.8 %)
Q3 2015 228.40 (19.5 %) 48.40 (36.0 %) 7.35 (83.9 %)
Q4 2015 286.90 0.8 % 80.13 0.6 % 33.62 (16.0 %)
Q1 2016 271.78 (1.3 %) 74.95 11.6 % 39.13 13.6 %
Q2 2016 267.32 12.7 % 70.01 19.0 % 38.96 73.0 %
Q3 2016 251.25 10.0 % 60.44 24.9 % 22.29 203.4 %
Q4 2016 240.07 (16.3 %) 57.94 (27.7 %) 20.63 (38.6 %)
Q1 2017 227.33 (16.4 %) 45.28 (39.6 %) 14.90 (61.9 %)
Q2 2017 198.79 (25.6 %) 29.52 (57.8 %) (3.34) (108.6 %)
Q3 2017 186.23 (25.9 %) 23.47 (61.2 %) (7.72) (134.6 %)
Q4 2017 160.77 (33.0 %) (23.12) (139.9 %) (51.35) (348.9 %)
Q1 2018 147.68 (35.0 %) 10.57 (76.6 %) (12.95) (186.9 %)
Q2 2018 201.18 1.2 % 19.38 (34.4 %) (3.40) (1.8 %)
Q3 2018 188.50 1.2 % 15.75 (32.9 %) (7.37) 4.4 %
Q4 2018 121.26 (24.6 %) 32.06 238.7 % (2.77) 94.6 %
Q1 2019 119.24 (19.3 %) 7.01 (33.7 %) (14.72) (13.7 %)
Q2 2019 123.33 (38.7 %) 0.00 (100.0 %) (22.33) (556.9 %)
Q3 2019 141.15 (25.1 %) 2.73 (82.7 %) (21.40) (190.2 %)
Q4 2019 222.34 83.4 % 30.98 (3.4 %) 7.46 369.0 %
Q1 2020 155.47 30.4 % 6.14 (12.4 %) (20.45) (38.9 %)
Q2 2020 128.81 4.4 % 0.40 13366.7 % (25.31) (13.4 %)
Q3 2020 114.00 (19.2 %) (23.32) (955.9 %) (41.51) (94.0 %)
Q4 2020 135.25 (39.2 %) (11.56) (137.3 %) (51.28) (787.5 %)
Q1 2021 108.36 (30.3 %) (8.82) (243.7 %) (28.64) (40.1 %)
Q2 2021 127.66 (0.9 %) (6.32) (1688.2 %) (26.17) (3.4 %)
Q3 2021 119.34 4.7 % (8.63) 63.0 % (27.77) 33.1 %
Q4 2021 112.84 (16.6 %) (4.57) 60.4 % (26.80) 47.7 %
Q1 2022 117.23 8.2 % (3.94) 55.3 % (21.54) 24.8 %
Q2 2022 62.57 (51.0 %) (26.93) (326.1 %) (46.45) (77.5 %)
Q3 2022 89.41 (25.1 %) (32.26) (273.7 %) (51.27) (84.6 %)
Q4 2022 135.00 19.6 % 6.54 243.0 % (66.82) (149.3 %)
Q1 2023 116.39 (0.7 %) 2.45 162.0 % (12.39) 42.5 %
Q2 2023 105.74 69.0 % 0.50 101.9 % (12.05) 74.1 %
Q3 2023 121.60 36.0 % 5.85 118.1 % (8.56) 83.3 %
Q4 2023 1,034.76 666.5 % 100.80 1441.0 % 39.37 158.9 %
Q1 2024 659.21 466.4 % 67.15 2646.4 % 3.26 126.3 %
Q2 2024 751.74 610.9 % 101.34 20086.9 % 26.43 319.4 %
Q3 2024 705.72 480.3 % 73.79 1160.6 % 1.31 115.3 %
Q4 2024 867.57 (16.2 %) 100.93 0.1 % 17.86 (54.6 %)
2024 2,984.24 116.5 % 347.05 216.6 % 70.13 1001.1 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2015 30.04 (31.0 %) 0.99 - 30.04 0.99
Q2 2015 17.02 (58.3 %) 0.56 - 17.02 0.56
Q3 2015 1.95 (95.5 %) 0.06 - 1.95 0.06
Q4 2015 27.10 (7.4 %) 0.90 - 27.10 0.90
Q1 2016 31.77 5.8 % 1.05 - 31.77 1.05
Q2 2016 31.16 83.1 % 1.03 - 31.16 1.03
Q3 2016 10.50 439.6 % 0.35 - 10.50 0.35
Q4 2016 16.91 (37.6 %) 0.56 - 16.91 0.56
Q1 2017 8.70 (72.6 %) 0.29 - 8.70 0.29
Q2 2017 (5.57) (117.9 %) (0.18) - (5.57) (0.18)
Q3 2017 (12.66) (220.6 %) (0.42) - (12.66) (0.42)
Q4 2017 (55.77) (429.8 %) (1.84) - (55.77) (1.84)
Q1 2018 (15.42) (277.1 %) (0.51) - (15.42) (0.51)
Q2 2018 (9.82) (76.1 %) (0.32) - (9.82) (0.32)
Q3 2018 (13.78) (8.8 %) (0.46) - (13.78) (0.46)
Q4 2018 (46.73) 16.2 % (1.55) (11.80) (34.93) (1.16)
Q1 2019 (17.97) (16.6 %) (0.59) - (17.97) (0.59)
Q2 2019 (27.53) (180.4 %) (0.91) - (27.53) (0.91)
Q3 2019 (27.89) (102.4 %) (0.92) - (27.89) (0.92)
Q4 2019 (1.47) 96.9 % (0.05) (4.96) 3.49 0.12
Q1 2020 (25.13) (39.9 %) (0.83) - (25.13) (0.83)
Q2 2020 (27.31) 0.8 % (0.90) - (27.31) (0.90)
Q3 2020 (44.83) (60.7 %) (1.48) - (44.83) (1.48)
Q4 2020 (61.05) (4,053.2 %) (2.02) - (61.05) (2.02)
Q1 2021 (32.66) (29.9 %) (1.08) - (32.66) (1.08)
Q2 2021 (29.43) (7.7 %) (0.97) - (29.43) (0.97)
Q3 2021 (31.19) 30.4 % (1.03) - (31.19) (1.03)
Q4 2021 (37.17) 39.1 % (1.23) - (37.17) (1.23)
Q1 2022 (18.82) 42.4 % (0.62) - (18.82) (0.62)
Q2 2022 (47.71) (62.1 %) (1.58) - (47.71) (1.58)
Q3 2022 (56.01) (79.6 %) (1.85) - (56.01) (1.85)
Q4 2022 (73.59) (98.0 %) (2.43) (7.31) (66.28) (2.19)
Q1 2023 (18.58) 1.3 % (0.61) - (18.58) (0.61)
Q2 2023 (19.13) 59.9 % (0.63) - (19.13) (0.63)
Q3 2023 (14.96) 73.3 % (0.49) - (14.96) (0.49)
Q4 2023 4.65 106.3 % 0.15 5.52 (0.87) (0.03)
Q1 2024 (18.93) (1.9 %) (0.63) - (18.93) (0.63)
Q2 2024 (5.15) 73.1 % (0.17) - (5.15) (0.17)
Q3 2024 (30.40) (103.2 %) (1.01) - (30.40) (1.01)
Q4 2024 (16.78) (460.6 %) (0.55) - (16.78) (0.55)
2024 (62.37) (29.9 %) (2.06) - (62.37) (2.06)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 26.08 % 25.83 % 12.89 %
Q2 2015 26.02 % 24.40 % 11.05 %
Q3 2015 24.76 % 21.56 % 7.63 %
Q4 2015 24.76 % 20.33 % 7.40 %
Q1 2016 25.61 % 20.64 % 7.60 %
Q2 2016 25.94 % 21.75 % 8.72 %
Q3 2016 26.51 % 22.60 % 9.33 %
Q4 2016 25.56 % 22.50 % 8.77 %
Q1 2017 23.70 % 21.09 % 6.82 %
Q2 2017 21.06 % 18.07 % 3.33 %
Q3 2017 18.33 % 15.29 % 0.87 %
Q4 2017 9.72 % 7.52 % (8.45 %)
Q1 2018 5.83 % 3.96 % (12.89 %)
Q2 2018 4.35 % 3.42 % (13.46 %)
Q3 2018 3.24 % 3.51 % (13.58 %)
Q4 2018 11.81 % 9.95 % (11.23 %)
Q1 2019 11.77 % 10.01 % (12.14 %)
Q2 2019 9.93 % 8.31 % (17.05 %)
Q3 2019 8.28 % 6.69 % (21.45 %)
Q4 2019 6.72 % 7.16 % (11.53 %)
Q1 2020 6.20 % 5.40 % (12.00 %)
Q2 2020 6.21 % 4.30 % (11.86 %)
Q3 2020 2.29 % 0.51 % (15.11 %)
Q4 2020 (5.31 %) (11.03 %) (29.68 %)
Q1 2021 (8.90 %) (14.12 %) (34.10 %)
Q2 2021 (10.31 %) (14.76 %) (34.61 %)
Q3 2021 (7.20 %) (12.11 %) (31.46 %)
Q4 2021 (6.05 %) (7.38 %) (27.86 %)
Q1 2022 (4.92 %) (6.01 %) (24.44 %)
Q2 2022 (10.70 %) (12.50 %) (32.74 %)
Q3 2022 (17.72 %) (20.15 %) (41.80 %)
Q4 2022 (14.00 %) (29.33 %) (46.72 %)
Q1 2023 (12.45 %) (26.56 %) (46.75 %)
Q2 2023 (5.10 %) (16.18 %) (35.83 %)
Q3 2023 3.20 % (6.30 %) (24.85 %)
Q4 2023 7.95 % 7.43 % (3.88 %)
2023 7.95 % 7.43 % (3.88 %)
Q1 2024 9.07 % 7.43 % (2.80 %)
Q2 2024 10.72 % 8.16 % (1.55 %)
Q3 2024 10.89 % 7.98 % (1.76 %)
Q4 2024 11.50 % 7.81 % (2.39 %)
2024 11.63 % 8.52 % (2.09 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2015 30.23 4.74 4.74 32.79
Q2 2015 30.23 3.95 3.95 31.31
Q3 2015 30.23 2.59 2.59 31.31
Q4 2015 30.23 2.52 2.52 32.05
Q1 2016 30.23 2.57 2.57 30.61
Q2 2016 30.23 3.04 3.04 30.07
Q3 2016 30.23 3.33 3.33 30.40
Q4 2016 30.23 2.99 2.99 30.81
Q1 2017 30.23 2.23 2.23 31.18
Q2 2017 30.23 1.01 1.01 29.57
Q3 2017 30.23 0.24 0.24 29.16
Q4 2017 30.23 (2.16) (2.16) 27.03
Q1 2018 30.23 (2.96) (2.96) 26.10
Q2 2018 30.23 (3.10) (3.10) 25.69
Q3 2018 30.23 (3.13) (3.13) 25.22
Q4 2018 30.23 (2.84) (2.45) 23.53
Q1 2019 30.23 (2.92) (2.53) 22.91
Q2 2019 30.23 (3.51) (3.12) 22.06
Q3 2019 30.23 (3.97) (3.58) 21.12
Q4 2019 30.23 (2.48) (2.31) 19.94
Q1 2020 30.23 (2.71) (2.55) 19.98
Q2 2020 30.23 (2.71) (2.54) 19.07
Q3 2020 30.23 (3.27) (3.10) 17.59
Q4 2020 30.23 (5.24) (5.24) 14.61
Q1 2021 30.23 (5.49) (5.49) 13.54
Q2 2021 30.23 (5.56) (5.56) 12.57
Q3 2021 30.23 (5.10) (5.10) 11.53
Q4 2021 30.23 (4.31) (4.31) 10.23
Q1 2022 30.23 (3.86) (3.86) 9.61
Q2 2022 30.23 (4.46) (4.46) 8.03
Q3 2022 30.23 (5.28) (5.28) 6.18
Q4 2022 30.23 (6.49) (6.25) 3.91
Q1 2023 30.23 (6.48) (6.24) 3.29
Q2 2023 30.23 (5.53) (5.29) 2.66
Q3 2023 30.23 (4.18) (3.93) 2.16
Q4 2023 30.23 (1.59) (1.77) 2.34
Q1 2024 30.23 (1.60) (1.78) 1.72
Q2 2024 30.23 (1.14) (1.32) 1.55
Q3 2024 30.23 (1.65) (1.83) 0.54
Q4 2024 30.23 (2.36) (2.36) 0.24

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2015 26.55 26.55 3.84
Q2 2015 31.44 31.44 3.97
Q3 2015 29.02 29.02 2.40
Q4 2015 30.74 30.74 2.41
Q1 2016 29.69 29.69 2.50
Q2 2016 26.36 26.36 2.67
Q3 2016 21.20 21.20 2.32
Q4 2016 31.33 31.33 3.04
Q1 2017 35.90 35.90 2.56
Q2 2017 60.91 60.91 2.08
Q3 2017 More than 100 More than 100 2.23
Q4 2017 NEG NEG 2.24
Q1 2018 NEG NEG 2.16
Q2 2018 NEG NEG 2.31
Q3 2018 NEG NEG 1.90
Q4 2018 NEG NEG 2.14
Q1 2019 NEG NEG 2.17
Q2 2019 NEG NEG 2.02
Q3 2019 NEG NEG 2.05
Q4 2019 NEG NEG 2.22
Q1 2020 NEG NEG 1.60
Q2 2020 NEG NEG 2.09
Q3 2020 NEG NEG 3.33
Q4 2020 NEG NEG 4.82
Q1 2021 NEG NEG 6.39
Q2 2021 NEG NEG 7.79
Q3 2021 NEG NEG 7.51
Q4 2021 NEG NEG 6.54
Q1 2022 NEG NEG 6.57
Q2 2022 NEG NEG 5.41
Q3 2022 NEG NEG 8.09
Q4 2022 NEG NEG 9.23
Q1 2023 NEG NEG 12.20
Q2 2023 NEG NEG 15.43
Q3 2023 NEG NEG 16.88
Q4 2023 NEG NEG 16.15
Q1 2024 NEG NEG 27.90
Q2 2024 NEG NEG 29.58
Q3 2024 NEG NEG 197.13
Q4 2024 NEG NEG 408.28

Business Segments (Million)

Compared With The
Period General Construction Nonconcrete residential and commercial buildings Rentals from investment properties Paints
Q1 2015 - 165.59 101.37 8.48
Q2 2015 - 125.78 99.86 11.52
Q3 2015 - 109.04 107.64 11.72
Q4 2015 - 144.92 129.91 12.08
Q1 2016 - 144.90 109.31 17.57
Q2 2016 - 142.61 106.14 18.57
Q3 2016 - 140.72 99.25 11.29
Q4 2016 - 135.03 88.92 19.05
Q1 2017 - 128.22 84.72 14.39
Q2 2017 - 105.23 81.14 12.42
Q3 2017 - 98.66 76.24 11.33
Q4 2017 - 77.69 74.08 9.00
Q1 2018 - 70.54 64.99 12.16
Q2 2018 - 123.48 67.30 10.40
Q3 2018 - 110.77 66.99 10.74
Q4 2018 - 41.44 67.39 12.43
Q1 2019 - 54.21 55.69 9.35
Q2 2019 - 62.44 51.32 9.30
Q3 2019 - 77.50 53.11 10.55
Q4 2019 - 158.09 51.30 12.95
Q1 2020 - 91.58 55.10 8.78
Q2 2020 - 67.98 58.00 2.83
Q3 2020 - 70.91 38.83 4.26
Q4 2020 - 88.93 37.72 8.60
Q1 2021 - 54.20 47.00 7.16
Q2 2021 - 66.25 54.94 6.47
Q3 2021 - 69.80 46.48 3.06
Q4 2021 - 54.97 54.57 3.31
Q1 2022 - 78.06 36.09 3.08
Q2 2022 - 16.87 41.42 4.28
Q3 2022 - 42.99 44.08 2.34
Q4 2022 - 101.71 42.98 -
Q1 2023 - 78.82 37.56 -
Q2 2023 - 66.98 38.77 -
Q3 2023 - 83.35 38.25 -
Q4 2023 869.25 128.61 36.65 -
Q1 2024 591.08 26.40 41.73 -
Q2 2024 609.29 106.91 35.54 -
Q3 2024 646.34 37.34 22.05 -
Q4 2024 779.49 57.87 30.20 -


Financial Ratios
Current
Market Cap (M Riyal) 1,236.68
Enterprise Value (EV) (M Riyal) 2,122.57
Shares Outstanding ((M)) 48.27
EPS ( Riyal) (TTM) (0.89)
Book Value (BV) ( Riyal) (0.22)
Par Value ( Riyal) 10.00
Recurring P/E Neg
P/E (TTM) NEG
Price/book (187.72)
Return on Average Assets (%) (TTM) (0.99 )
Return on Average Equity (%) (TTM) (633.27 )
EV/adj EBITDA 7.84
EV/Revenues 0.64
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Share Price

Red Sea International Co.
25.62
(1.12) (4.19 %)

Red Sea International Co. (RED SEA)

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