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Red Sea International Co. announces its Interim Financial Results for the Period Ending on 2022-06-30 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 62.6127.7-50.98117.2-46.59
Gross Profit (Loss) -26.9-6.3326.98-3.9589.74
Operational Profit (Loss) -46.4-26.277.1-21.5115.81
Net Profit (Loss) after Zakat and Tax -48.2-29.961.2-19.1152.36
Total Comprehensive Income -47.7-29.462.24-18.8153.72
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 179.8236-23.81
Gross Profit (Loss) -30.9-15.1104.64
Operational Profit (Loss) -68-54.824.09
Net Profit (Loss) after Zakat and Tax -67.3-62.97
Total Comprehensive Income -66.562.1-
Total Share Holders Equity (after Deducting Minority Equity) 242.9379.9-36.06
Profit (Loss) per Share -1.11-1.03
All figures are in (Millions) Saudi Arabia, Riyals
Accumulated LossesCapitalPercentage %
357.160059.52
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 an increase in net loss attributable to Shareholders of the Company from SAR 29.4 million in the second quarter last year to SAR 47.7 million in the current quarter which represent an increase in loss by 62.1%. The increase in net loss is primarily attributed to the decrease in revenue and increase 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 quarter of the current year is 'There was an increase in net loss attributable to Shareholders of the Company from SAR 18.8 million in the previous quarter to SAR 47.7 million in the current quarter, which represent an increase in loss by 153.7%. The increase in net loss was mainly due to decrease in revenue, increase in general & administration expenses and selling and distribution expenses in current quarter 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 The increase in net loss was mainly due to decrease in revenue, increase 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 was SAR 62.6 million as compared to SAR 127.7 million during the same quarter of last year, which represents a decrease of 50.9% in the revenues, and compared to revenues of SAR 117.2 million generated in the previous quarter, which represents a decrease of 46.6%.

The Comprehensive loss attributable to Shareholders of the Company for the current quarter is SAR 47.7 million as compared to comprehensive loss of SAR 29.4 million in the same quarter previous year, representing an increase in loss by 62.1%.

The Net Shareholders' Equity attributable to shareholders (excluding minority interest) as at 30 June 2022 was SAR 242.9 million as compared to SAR 290.6 million as at 31 March 2022, which represents a decrease of 16.4%.

The basic and diluted loss per share attributable to the shareholders of the Parent Company for the period ending as of 30 June 2022 was SAR 1.11 per share as compared to SAR 1.03 as of 30 June 2021, which represent an increase in loss per share by 7.7% for the six month period ended on 30 June 2022.

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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