Red Sea International Co. announces its Annual Financial Results for the Period Ending on 2021-12-31

Element ListCurrent YearPrevious Year%Change
Sales/Revenue 468.2533.5-12.239
Gross Profit (Loss) -28.2-28.3-0.353
Operational Profit (Loss) -109.4-138.5-21.01
Net Profit (Loss) after Zakat and Tax -130.4-158.3-17.624
Total Comprehensive Income -132.3-161.6-18.131
Total Share Holders Equity (after Deducting Minority Equity) 309.4441.7-29.952
Profit (Loss) per Share -2.17-2.64
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current year compared to the last year is There was decrease in net loss attributable to Shareholders of the Company primarily due to decrease in general, selling and administration expenses as compared to the previous year, in addition to the decrease in financial charges. Also there is a decrease in impairment of assets as compared to previous year.
Statement of the type of external auditor's report Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion Not Applicable
Reclassification of Comparison Items Not Applicable
Additional Information The revenue for the current year is SAR 468.2 million as compared to SAR 533.5 million during the last year, which represents a decrease of 12.2%.

'The Comprehensive loss attributable to Shareholders of the Company for the current year is SAR 132.3 million as compared to a comprehensive loss of SAR 161.6 million during the last year, which represents decrease in loss by 18.1%.

'The Net Shareholders' Equity (After excluding minority rights) attributable to shareholders as at 31 December 2021 was SAR 309.4 million as compared to SAR 441.7 million as at 31 December 2020, which represents a decrease of 31.9%.

Loss per share is calculated by dividing loss attributable to shareholders of the Company by number of shares of the Company.

The company would like to state that the accumulated losses, which has reached 48.5%, came as a result of extension of the ongoing projects due to the COVID-19 pandemic, whereby the company was unable to reduce the number of manpower in these projects and other related costs to cope with the delay in executing these projects, and the company was also unable to compensate for this increase in the additional costs. In addition, the projects that are still under execution have been priced without taking any reserves for the increase in the prices of materials and manpower.

In an effort to reduce costs and increase profitability, the company has developed various systems and procedures for project pricing and developed the (ERP) system to monitor and control costs related to project pricing and hedge any possible increase in the prices of materials and manpower.

The procedures and instructions for companies listed in the Saudi stock market, with accumulated losses reaching 35% or more will be applied.

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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