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Red Sea International Co. announces its Annual Financial Results for the Period Ending on 31-12-2022
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 419.6 | 468.2 | -10.38 | ||
| Gross Profit (Loss) | -55.9 | -28.3 | 97.53 | ||
| Operational Profit (Loss) | -189.8 | -109.4 | 73.49 | ||
| Net Profit (Loss) after Zakat and Tax | -196.1 | -130.4 | 50.38 | ||
| Total Comprehensive Income | -191.3 | -132.3 | 44.59 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 118.1 | 309.4 | -61.83 | ||
| Profit (Loss) per Share | -6.49 | -4.31 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | There was an increase in net loss attributable to Shareholders of the Company primarily due to the absorption of non-cash losses (impairments and provisions) arising from international operations mainly from Ghana and Malaysia, decrease in revenues and increase in general and administration expenses as compared to the previous year. |
| Statement of the type of external auditor's report | Emphasis of matter |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | We draw attention to Note 2.1 in the consolidated financial statements, which indicates that the Company incurred a net loss of SR 197.8 million during the year ended 31 December 2022 and, as of that date, the accumulated losses of the Company amounting to SR 172.5 million which represent 57% of the Company’s capital. Further, as of 31 December 2022, the Company’s current liabilities exceeded its total assets by SR 201.5 million. As stated in Note 2.1, these events or conditions, along with other matters as set forth in Note 2.1, indicate that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter. |
| Reclassification of Comparison Items | Not applicable |
| Additional Information | The revenue for the current year is SAR 419.2 million as compared to SAR 468.2 million during the last year, which represents a decrease of 10.38%. 'The Comprehensive loss attributable to Shareholders of the Company for the current year is SAR 191.3 million as compared to a comprehensive loss of SAR 132.3 million during the last year, which represents increase in loss by 44.6%. 'The Net Shareholders' Equity (After excluding minority rights) attributable to shareholders as at 31 December 2022 was SAR 118.1 million as compared to SAR 309.4 million as at 31 December 2021, which represents a decrease of 61.83%. Loss per share is calculated by dividing loss attributable to shareholders of the Company by number of shares of the Company. The Loss per share attributable to the shareholders of the Parent Company for the current year is SAR -6.49 as compared to SAR -4.31 (restated) as mentioned in Note 12 to the financial statements. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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