Riyadh – Mubasher: The interim financials of Red Sea International Company reported a SAR 62.1 million net losses after zakat and tax in the first half (H1) of 2021, up 18.51% from SAR 52.4 million in the year-ago period.
The rise in losses is attributed to a decrease in revenue and gross profit as compared to the same period last year, according to a bourse filing on Monday.
The company's revenues declined by 16.989% to SAR 236 million in H1-21 from SAR 284.3 million in the year-ago period.
The loss per share stood at SAR 1.03 in the January-June period of 2021, versus SAR 0.87 in the corresponding period of the earlier year.
Meanwhile, the company has incurred accumulated losses of SAR 208.3 million, representing 34.7% of the capital.
During the second quarter (Q2) of 2021, the company's net losses increased by 7.692% to SAR 29.4 million from SAR 27.3 million in the same quarter of 2020.
