Riyadh – Mubasher: Red Sea International Company recorded a 39.4% increase in net losses to SAR 25.1 million during the first quarter (Q1) of the year, up from SAR 18 million in Q1-19.

Accordingly, losses per share increased to SAR 0.42, compared with SAR 0.3 in the corresponding period of 2019, according to a market disclosure on Sunday.

The rise in net losses resulted from higher general and administrative expenses and a decrease in gross profit by about 13%.