71.9 million riyals, Red Sea Company losses in 2019

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Source: Arabic.net

The Red Sea International Company incurred a net loss in 2019, amounting to 71.9 million riyals, compared to a loss of 85.7 million riyals in 2018, a decrease of 16%.

The value of operating losses in 2019 was about 48 million riyals, compared to losses of 38.3 million riyals in 2018, an increase of 25.3%.

The reason for the decrease in the net loss attributable to the shareholders of the company for this year compared to the previous year is the decrease in administrative and general expenses for the current year and the decrease in the value of non-financial assets.

The company’s revenue in 2019 was about 641.1 million riyals, compared to 658.6 million Saudi riyals in the previous year, which represents a decrease of 2.7%.

The company said that its comprehensive losses in 2019 amounted to 75.9 million riyals compared to 91.5 million riyals for the previous year, a decrease of 17%.

The net shareholders’ equity as on 31-12-2019 amounted to 630.8 million riyals compared to 711.3 million riyals at the end of the previous year, which represents a decrease of 11.3%.







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