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Red Sea International Co. announces its Annual Financial results for the period ending on 31-12-2023
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 1,378.49 | 404.21 | 241.03 | ||
| Gross Profit (Loss) | 114.29 | -56.6 | - | ||
| Operational Profit (Loss) | 36.33 | -186.07 | - | ||
| Net profit (Loss) | 2.14 | -197.77 | - | ||
| Total Comprehensive Income | 2.17 | -192.92 | - | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 83.72 | 118.11 | -29.12 | ||
| Profit (Loss) per Share | -1.16 | -6.49 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | -206.85 | 0.68 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | Red Sea International (RSI) reported a significant increase in revenues for FY23, amounting to SR 1,378 million, increasing 241% compared to last year. This is mainly due to the strategic acquisition of a 51% stake in Fundamental Installation for Electric Work Company (First Fix), with the recognition in RSI’s consolidated financial statements starting in 4Q2023. Moreover, the Company has tactically increased its focus on enhancing its supply chain and adopting competitive pricing strategies, whilst advancing procurement techniques. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Operating profit increased to SR 36 million in FY23, compared to an operating loss of SR 186 million in FY22, which is aligned to the solid growth in revenues during the year. Net Profit amounted to SR 2 million in FY23, improving sharply from a net loss of SR 198 million, as the positive impact of the First Fix acquisition flowed through, in addition to the improvement in revenues and operating performance. |
| Statement of the type of external auditor's report | Notice |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | "We draw attention to Note 2.1 in the consolidated financial statements, which indicates that as of 31 December 2023, the accumulated losses of the Group amounted to SR 206.8 million (31 December 2022: SR 172.5 million) which represent 68.4% (31 December 2022: 57%) of share capital as of the same date. Further, at 31 December 2023, the Group’s current liabilities exceeded its current assets by SR 430.3 million (31 December 2022: 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 Group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter." |
| Reclassification of Comparison Items | None |
| Additional Information | The Group generated revenues amounting to SR 1,378 million in FY23, compared to SR 404 million in FY22, which represents an increase of 241%. The breakdown is as follows: • Revenue from general construction amounted to SR 869 million in FY23, as a result of the acquisition of 51% of First Fix in 4Q2023 • Revenue from sale of buildings increased 49% in FY23, from SR 240 million to reach SR 358 million • Rental revenue from investment properties, witnessed a decline of 8% in FY 23, from SR 165 million to SR 151 million Gross profit amounted to SR 114 million, compared to a gross loss of SR 57 million in FY22, owing to wide-ranging cost efficiency measures adopted by the Group. This translates to a Gross margin of 8.3% in FY23. Operating profit increased to SR 36 million in FY23, compared to an operating loss of SR 186 million in FY22, which is aligned to the solid growth in revenues. Moreover, SG&A expenses declined by 16% in FY23, which also supported the improvement in operating profit during the year. Loss per share is calculated by dividing loss attributable to shareholders of the Company by number of shares of the Company. |
| Attached Documents |  |
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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