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 34.74 14.9 %
Earnings Per Share before unusual items (Riyal) (0.63) (0.32) 48.4 %
EPS (Riyal) (0.63) (0.32) 48.4 %

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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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q1 2025 700.66 6.3 % 92.49 37.7 % 19.12 485.8 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
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)
Q1 2025 (11.23) 40.7 % (0.32) - (11.23) (0.32)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
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 %)
Q1 2025 12.18 % 8.30 % (2.10 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q1 2025 34.74 (1.83) (1.83) (0.13)

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
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
Q1 2025 NEG NEG (524.67)

Business Segments (Million)

Compared With The
Period General Construction Nonconcrete residential and commercial buildings Rentals from investment properties Paints
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 -
Q1 2025 600.11 59.76 40.79 -


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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