Red Sea International Co has announced a net loss of SR48.2 million ($12.83 million) in Q2, an increase in loss by 61.2% from SR29.9 million in the second quarter last year.
The increase in net loss is primarily attributed to the decrease in revenue and increase in gross loss as compared to same quarter of last year, said a stock exchange filing. The net loss in the previous quarter was SR19.1 million.
The Q2 revenues totalled SR62.6 million compared to SR127.7 million in Q2 2021 (-50.98 per cent) and SR117.2 million in Q1 2022 (- 46.59 per cent).
The company’s first-half losses increased to SR67.3 million ($18 million), following a decline in revenue. This is up 7 percent from SR62.9 million in losses in H1 2021.
The H1 revenues fell 23.81 per cent to SR179.8 million from SR236 million.
Red Sea International provides modular building solutions for residential, commercial, and industrial sectors.
The company’s accumulated losses reached SR357 million by the end of the six-month period, representing 59.5 percent of capital.