Red Sea International Co. (RSI) narrowed net losses after Zakat and tax to SAR 130.4 million for 2021, from a loss of SAR 158.3 million logged a year earlier.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 533.52 | 468.20 | (12.2 %) |
| Gross Income | (28.35) | (28.34) | 0.0 % |
| Operating Income | (138.55) | (109.38) | 21.1 % |
| Net Income | (158.32) | (130.44) | 17.6 % |
| Average Shares | 30.23 | 30.23 | - |
| EPS (Riyals) | (5.24) | (4.31) | 17.6 % |
The decline in losses is primarily due to lower general, selling and administration expenses as compared to the previous year, in addition to lower financial charges and impairment of assets.
The company’s net loss after Zakat and tax narrowed to SAR 37.1 million in Q4 2021 from SAR 61.05 million in the year-earlier period.
On a sequential basis, Red Sea International widened losses from SAR 31.2 million in Q3 2021.
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 135.25 | 112.84 | (16.6 %) |
| Gross Income | (11.56) | (4.57) | 60.4 % |
| Operating Income | (51.28) | (26.80) | 47.7 % |
| Net Income | (61.05) | (37.17) | 39.1 % |
| Average Shares | 30.23 | 30.23 | - |
| EPS (Riyals) | (2.02) | (1.23) | 39.1 % |
| Item | Q3 2021 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 119.34 | 112.84 | (5.4 %) |
| Gross Income | (8.63) | (4.57) | 47.0 % |
| Operating Income | (27.77) | (26.80) | 3.5 % |
| Net Income | (31.19) | (37.17) | (19.2 %) |
| Average Shares | 30.23 | 30.23 | - |
| EPS (Riyals) | (1.03) | (1.23) | (19.2 %) |
Total shareholders’ equity, excluding minority interest, fell 30% to SAR 309.4 million from SAR 441.7 million a year ago.
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