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Red Sea International Co. announces its Interim Financial Results for the Period Ending on 2019-06-30 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 131.5201.2-34.642127.53.137
Gross Profit (Loss) 0.119.4-99.4847-98.571
Operational Profit (Loss) -23-3.4576.47-15.449.35
Net Profit (Loss) after Zakat and Tax -27.5-9.8180.612-1852.777
Total Comprehensive Income -25.5-10.6140.56618.8-
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 259348.9-25.766
Gross Profit (Loss) 7.230-76
Operational Profit (Loss) -38.5-16.3136.196
Net Profit (Loss) after Zakat and Tax -45.5-25.280.555
Total Comprehensive Income -44.2-26.169.348
Total Share Holders Equity (after Deducting Minority Equity) 667.1776.7-14.11
Profit (Loss) per Share -0.5-0.2
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to There was increase in net loss attributable to Shareholders of the Company from SAR 9.8 million in the second quarter last year to SAR 27.5 million in the current quarter, primarily due to decrease in gross profit by SAR 19.3 million. This decrease is mainly due to reduction in gross profit margin from 9.6% for the second quarter last year to 0.1% in current quarter, which has resulted from decrease in rental and building revenues by 23.7% and 42.6% respectively.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to There was a increase in Net loss attributable to Shareholders of the Company for the current quarter as compared previous quarter by SR 9.5 million. The increase in Net loss is mainly due to decrease in gross profit from SAR 7 million in the last quarter to SAR 0.1 million in the current quarter, which has primarily resulted from decrease in rental revenues from SAR 55.9 million in the last quarter to SAR 51.3 million in the current quarter.
Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to There was increase in net loss attributable to Shareholders of the Company from SAR 25.2 million in the first six months of last year to SAR 45.5 million in the current period, primarily due to decrease in gross profit by SAR 22.8 million. This decrease is mainly due to reduction in gross profit margin from 8.6% for the same period last year to 2.8% in current period, which has resulted primarily due to decrease in revenues from SAR 348.9 million in similar period last year to SAR 259 million in the current period.
Basis of the External Auditor's Opinion Unmodified opinion
Reclassification of Comparison Items Certain prior period figures have been re-classified to conform with the presentation in the current period
Additional Information The sales revenue for the current quarter is SAR 131.5 million as compared to SAR 201.2 million during the same quarter last year, which represents a decrease of 34.6% and compared to SAR 127.5 million revenue during the previous quarter, represents a increase of 3.1%.

The Comprehensive loss attributable to Shareholders of the Company for the current quarter is SAR 25.5 million as compared to a comprehensive loss of SAR 10.6 million for the same quarter last year, a increase in loss by 140.6% and compared to a comprehensive loss of SAR 18.8 million for the previous quarter, there was a increase in loss by 35.6%.

The Net Shareholders' Equity (excluding minority interest) as at 30 June 2019 was SAR 667.1 million as compared to SAR 711.3 million as at 31 December 2018, which represents a decrease of 6.2%.

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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