Red Sea losses rise 30.3% in the first quarter of 2021

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Riyadh – Mubasher: The Red Sea International Company recorded an increase in net losses during the first quarter of 2021, compared to the company’s losses in the same quarter of 2020.

The company’s results revealed, on “Saudi Tadawul”, today, Sunday, the net loss after zakat and tax rose to 32.7 million riyals, compared to 25.1 million riyals for the first quarter of last year, an increase of 30.28%.

The company attributed the increase in net losses to a decrease in revenues and total profit compared to the same quarter of the previous year.

The company explained that revenues fell to 108.4 million riyals, compared to 155.5 million riyals, a 30% decline.

On a quarterly basis, the company’s losses decreased by 46.48%, compared to the losses of the previous quarter, which amounted to 61.1 million riyals.

The accumulated losses at the end of the first quarter of 2021 amounted to about 178.9 million riyals, representing 29.8% of the company’s capital of 600 million riyals.

The company’s losses soared during the year 2020, To 158.3 million riyals, compared to 74.9 million riyals for the previous year, an increase of 111.35%.

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