Arab News, Aug 7, 2022 | Muharram 9, 1444
Saudi Red Sea International’s shares drop as H1 losses widen to $18m
RIYADH: Saudi-listed Red Sea International has seen its first-half losses widen
to SR67 million ($18 million), dragging its share price lower.
In response to the announcement, Red Sea International’s shares were down 1.9
percent to SR28.85 as of 10:18 a.m. Saudi time on Sunday.
The company's losses were up 7 percent from SR63 million in last year’s first
half, which came in line with a 24 percent revenue drop to SR180 million
according to a bourse filing.
The firm, which provides modular building solutions for residential, commercial,
and industrial sectors, attributed the results to lower revenue, and higher
administration and selling expenses.
Accumulated losses reached SR357 million by the end of the six-month period,
representing 59.5 percent of capital.