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Red Sea International Co. announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 119.31144.649127.7-6.577
Gross Profit (Loss) -8.6-23.3-63.09-6.336.507
Operational Profit (Loss) -27.8-41.5-33.012-26.26.106
Net Profit (Loss) after Zakat and Tax -31.2-44.8-30.357-29.46.122
Total Comprehensive Income -31.2-45-30.666-29.55.762
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 355.4398.3-10.77
Gross Profit (Loss) -23.8-16.841.666
Operational Profit (Loss) -82.6-87.3-5.383
Net Profit (Loss) after Zakat and Tax -93.3-97.3-4.11
Total Comprehensive Income -93-99.3-6.344
Total Share Holders Equity (after Deducting Minority Equity) 326.6489.1-33.224
Profit (Loss) per Share 1.551.62
All figures are in (Millions) Saudi Arabia, Riyals
Accumulated LossesCapitalPercentage %
239.560039.9
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is There was a decrease in net loss attributable to Shareholders of the Company from SAR 44.8 million in the third quarter of last year to SAR 31.2 million in the current quarter, which represents a decrease by 30%. This is primarily attributed to the increase in revenue and gross profit as compared to same quarter last year
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is There was an increase in net loss attributable to Shareholders of the Company from SAR 29.4 million in the previous quarter to SAR 31.2 million for the current quarter , which represents an increase of 6%. The increase in net loss is mainly due to the decrease in revenue and increase in gross loss as compared to previous quarter.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is There was a decrease in net loss attributable to Shareholders of the Company from SAR 97.3 million in the first nine months of 2020 to SAR 93.3 million in the current period. This is primarily due to the decrease in Selling & General Administration Expenses in the current period as compared to same period of last year.
Statement of the type of external auditor's report Unmodified conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion None
Reclassification of Comparison Items None
Additional Information The revenue for the current quarter is SAR 119.3 million as compared to SAR 114.0 million during the same quarter last year, which represents an increase of 4.6%, and compared to SAR 127.6 million revenue during the previous quarter, representing a decrease of 6.5%.

The Comprehensive loss attributable to Shareholders of the Company for the current quarter is SAR 31.2 million as compared to comprehensive loss of SAR 45.0 million in the same quarter last year, which represents a reduction in loss by 30.7%.

The Net Shareholders' Equity attributable to shareholders as at 30 Sep 2021 was SAR 348.7 million as compared to SAR 441.7 million as at 31 December 2020, which represents a decrease of 21.1%.

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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