Red Sea International Co. widened its net loss after Zakat and tax by 15.2% year-on-year (YoY) to SAR 52.4 million for the first six months of 2020, compared to SAR 45.5 million in the year-earlier period.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 242.58 | 284.27 | 17.2 % |
| Gross Income | 7.00 | 6.53 | (6.7 %) |
| Operating Income | (37.05) | (45.76) | (23.5 %) |
| Net Income | (45.49) | (52.45) | (15.3 %) |
| Average Shares | 30.23 | 30.23 | - |
| EPS (Riyals) | (1.50) | (1.73) | (15.3 %) |
The company attributed the loss increase to lower gross profit due to the impact of COVID-19.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 123.33 | 128.81 | 4.4 % |
| Gross Income | 0.00 | 0.40 | 13366.7 % |
| Operating Income | (22.33) | (25.31) | (13.4 %) |
| Net Income | (27.53) | (27.31) | 0.8 % |
| Average Shares | 30.23 | 30.23 | - |
| EPS (Riyals) | (0.91) | (0.90) | 0.8 % |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 155.47 | 128.81 | (17.1 %) |
| Gross Income | 6.14 | 0.40 | (93.5 %) |
| Operating Income | (20.45) | (25.31) | (23.8 %) |
| Net Income | (25.13) | (27.31) | (8.7 %) |
| Average Shares | 30.23 | 30.23 | - |
| EPS (Riyals) | (0.83) | (0.90) | (8.7 %) |
In the second quarter, net loss after Zakat and tax reduced marginally YoY to SAR 27.3 million, compared to SAR 27.5 million in Q1 2019 on an increase in gross profit and other income.
On a quarterly basis, net loss increased by 8.7% due to lower revenue and gross profit.
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