Riyadh – Mubasher: Red Sea International Company submitted an application file to the Capital Market Authority (CMA) to increase its capital on 4 April 2024, according to a bourse disclosure.

The capital raise will be implemented by debt conversion to Al Dabbagh Group Holding Company and the debt arising out of the acquisition of the Fundamental Installation for Electric Work Company Limited (First Fix) in a total amount of SAR 476.02 million.

Last month, the Tadawul-listed firm’s subsidiary First Fix secured a SAR 196.10 million loan from Saudi Awwal Bank (SAB).

In the 12-month period that ended on 31 December 2023, Red Sea International turned profitable at SAR 2.14 million, against net losses valued at SAR 197.77 million in 2022.

Revenues enlarged by 241.03% year-on-year (YoY) to SAR 1.37 billion in 2023 from SAR 404.21 million.