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Red Sea International Co. announces its Interim Financial Results for the Period Ending on 2022-03-31 ( Three Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 117.2108.48.118112.83.9
Gross Profit (Loss) -3.9-8.8-55.681-4.6-15.217
Operational Profit (Loss) -21.5-28.6-24.825-26.8-19.776
Net Profit (Loss) after Zakat and Tax -19.1-33-42.121-37.8-49.47
Total Comprehensive Income -18.8-32.7-42.507-37.2-49.462
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (after Deducting Minority Equity) 290.6409.3-29
Profit (Loss) per Share -0.13-0.54
All figures are in (Millions) Saudi Arabia, Riyals
Accumulated LossesCapitalPercentage %
29860049.67
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 32.7 million in the first quarter last year to SAR 18.8 million in the current quarter which represent a decrease by 42.4%. The decrease in net loss is primarily attributed to the increase in revenue and decrease in gross loss as compared to same quarter of 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 a decrease in net loss attributable to Shareholders of the Company from SAR 37.2 million in the previous quarter to SAR 18.8 million in the current quarter, which represent a decrease by 49.4%. The decrease in net loss is mainly due to increase in revenue, decrease in general & administration expenses and selling and distribution expenses in current quarter as compared to previous quarter.
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 117.2 million as compared to SAR 108.4 million during the same quarter of last year, which represents an increase of 8.1% in the revenues, and compared to revenues of SAR 112.8 million generated in the previous quarter, which represents an increase of 3.8%.

The Comprehensive loss attributable to Shareholders of the Company for the current quarter is SAR 18.8 million as compared to comprehensive loss of SAR 32.7 million, representing a decrease in loss by 42.4%.

The Net Shareholders' Equity attributable to shareholders (excluding minority interest) as at 31 March 2022 was SAR 290.6 million as compared to SAR 309.4 million as at 31 December 2021, which represents a decrease of 6.1%.

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 49.67%, 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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