Riyadh – Mubasher: Red Sea International Company reported a year-on-year (YoY) decrease of 30% in net losses after Zakat and tax at SAR 31.2 million during the third quarter (Q3) of 2021 from SAR 44.8 million.

Revenues grew by 4.6% YoY to SAR 119.3 million in Q3-21 from SAR 114 million, according to the initial financial results on Tuesday.

During the first nine months of 2021, the company registered 4% YoY decline in net losses at SAR 93.3 million from SAR 97.3 million.

Revenues meanwhile shrank by 10.7% YoY to SAR 355.4 million in January-September 2021 from SAR 398.3 million.

At the end of September 2021, Red Sea International’s accumulated losses reached SAR 239.5 million, representing 39.9% of the SAR 600 million capital.