Red Sea International Co. narrowed H1 2023 losses to SAR 37.7 million, from SAR 66.5 million in the year-earlier period.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 179.80 | 225.33 | 25.3 % |
| Gross Income | (30.88) | (0.02) | 99.9 % |
| Operating Income | (67.99) | (29.74) | 56.3 % |
| Net Income | (66.53) | (37.71) | 43.3 % |
| Average Shares | 30.23 | 30.23 | - |
| EPS (Riyals) | (2.20) | (1.25) | 43.3 % |
In Q2 2023, net losses narrowed by 59.7% to SAR 19.1 million, from SAR 47.7 million in Q2 2022, due to higher revenues and the cost control measures.
The second-quarter net losses increased by 3% from SAR 18.58 million in Q1 2023.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 62.57 | 107.14 | 71.2 % |
| Gross Income | (26.93) | 0.18 | 100.7 % |
| Operating Income | (46.45) | (13.57) | 70.8 % |
| Net Income | (47.71) | (19.13) | 59.9 % |
| Average Shares | 30.23 | 30.23 | - |
| EPS (Riyals) | (1.58) | (0.63) | 59.9 % |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 118.20 | 107.14 | (9.4 %) |
| Gross Income | (0.20) | 0.18 | 191.0 % |
| Operating Income | (16.18) | (13.57) | 16.1 % |
| Net Income | (18.58) | (19.13) | (3.0 %) |
| Average Shares | 30.23 | 30.23 | - |
| EPS (Riyals) | (0.61) | (0.63) | (3.0 %) |
Shareholders’ equity dropped to SAR 54.5 million as of June 30, 2023, from SAR 219 million in the year-earlier period.
Accumulated losses stood at SAR 210.2 million by the end of Q2 2023, representing 69.6% of the company’s capital.
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