23-05-2025
Red Sea International sees 62% lower net losses in Q1-25; accumulated losses unveiled
Riyadh: Red Sea International Company logged a 62.23% decrease in net losses to SAR 4.52 million in the first quarter (Q1) of 2025, compared with SAR 11.98 million in Q1-24.
Meanwhile, the revenues grew by 6.28% year-on-year (YoY) to SAR 700.66 million in Q1-25 from SAR 659.21 million, according to the financial results.
The loss per share stood at SAR 0.37 in the first three months (3M) of 2025, compared to SAR 0.63 in the same period a year earlier.
On a quarterly basis, the company swung to losses in Q1-25 against net profits of SAR 6.24 million in October-December 2024, while the revenues dropped by 19.23% from SAR 867.56 million.
Accumulated Losses
Red Sea International reported accumulated losses worth SAR 294.52 million as of 31 March 2025.
The amount was equivalent to 97.40% of its SAR 302.34 million capital, and was also higher than the SAR 283.30 million that accounted for 93.70% of the capital as of 31 December 2024.
In 2024, Red Sea International shifted to profitability at SAR 4.06 million versus net losses valued at SAR 23.13 million in 2023.
Furthermore, the revenues soared by 116.49% to SAR 2.98 billion as of 31 December 2024 from SAR 1.37 billion a year earlier.
The loss per share amounted to SAR 2.06 last year, compared to SAR 1.59 in 2023.
