Red Sea International Co. announces its interim Financial results for the period ending on 2018-09-30 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 188,499 | 186,229 | 1.218 | 201,175 | -6.3 |
| Total Profit (Loss) | 18,225 | 23,471 | -22.35 | 22,864 | -20.289 |
| Profit (Loss) Operational | -7,374 | -7,716 | -4.432 | -3,399 | 116.946 |
| Net Profit (Loss) after Zakat and Tax | -13,780 | -12,663 | 8.82 | -9,818 | 40.354 |
| Total Comprehensive Income | -14,208 | -12,516 | 13.518 | -10,623 | 33.747 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 537,358 | 612,351 | -12.246 |
| Total Profit (Loss) | 54,824 | 98,271 | -44.211 |
| Profit (Loss) Operational | -23,724 | 3,846 | - |
| Net Profit (Loss) after Zakat and Tax | -39,013 | -9,534 | 309.198 |
| Total Comprehensive Income | -40,323 | -9,325 | 332.418 |
| Total Share Holders Equity (after deducting minority equity) | 762,471 | 881,569 | -13.509 |
| Profit (Loss) per Share | -0.65 | -0.16 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year | There was a net loss attributable to Shareholders of the Company for the current quarter of SAR 13.8 million as compared to net loss of SAR 12.7 million for the same quarter last year, primarily due to decrease in gross profit by SAR 5.3 million. This decrease is mainly due to reduction in gross profit margin from 12.6% for the same quarter last year to 9.7% in current quarter, which has resulted from decrease in rental revenues by 12.1% . However, the Company has implemented cost control measures resulting in a reduction in selling and marketing expenses by 10.5% and General and Administrative expenses by 21.3% as compared to same quarter last year . |
| Reason for increase (decrease) in net profit for current quarter compared to the previous quarter | Net loss attributable to Shareholders of the Company in the current quarter of SAR 13.8 million has increased by 4.0 million as compared to the previous quarter primarily due to decrease in gross profit by SAR 4.5 million, This decrease is due to reduction in gross profit margin from 11.4% for the previous quarter to 9.7% for the current quarter, which has resulted from decrease in overall revenues by 6.3%. However operating expenses have reduced by SAR 0.5 million during the current quarter as compared to previous quarter, primarily due to decrease in Selling and Marketing, and General and Administrative expenses by 2.5% . |
| Reason for increase (decrease) in net profit for current period compared to the similar period of the previous year | There was a net loss for nine month period attributable to Shareholders of the Company of SAR 39 million as compared to Net loss of SAR 9.5 million for the same period last year, primarily due to decrease in gross profit by SR 43.5 M. The gross profit margin have reduced from 16.1% for the same period last year to 10.2% in current period which has resulted from decrease in rental revenues by 17.7% and building revenues by 8.2%. However, the Company has implemented cost control measures resulting in a reduction in selling and marketing expenses by 18.9% and General and Administrative expenses by 15.7% in the current period as compared to the same period of the previous year. To the contrary, the finance cost has increased by 6.4% in the current period as compared to the same period of the previous year. |
| Type of the external auditor's opinion | Unmodified opinion |
| Additional Information | The total revenue for the current quarter is SAR 188.5 million as compared to SAR 186.2 million generated during the same quarter of last year, which represents a increase of 1.2%. The sales revenue for the nine months period ending 30 September 2018 is SAR 537.4 million as compared to SAR 612.4 million generated during the same period last year, which represents a decrease of 12.3%. The Comprehensive loss attributable to Shareholders of the Company for the current quarter is SAR 14.2 million as compared to as comprehensive loss of SAR 12.5 million for the same quarter of last year, which represents an increase by 13.6%. As compared to comprehensive loss of SAR 9.8 million for the previous quarter, there was an increase in loss by 34.0%. The Comprehensive loss for the period attributable to Shareholders of the Company for the nine month period ended 30 September 2018 is SAR 40.3 million as compared to comprehensive loss of SAR 9.3 million for the same period of last year, which represents a increase in loss by 333.0%. The Net Shareholders Equity (excluding minority interest) as at 30 September 2018 is SAR 762.5 million as compared to SAR 817.3 million as at 30 September 2017, which represents decrease of 6.7%. |
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