Red Sea 9M 2024 net loss shrinks to SAR 45.6M; Q3 at SAR 23.3M

Red Sea International Co. reported a net loss excluding minority interest of SAR 45.6 million for the first nine months of 2024, compared to SAR 52.7 million in the year-earlier period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	343.73	2,116.67	515.8 %
Gross Income	8.80	246.11	2696.7 %
Operating Income	(33.00)	125.94	481.6 %
Net Income	(52.67)	(45.59)	13.4 %
Average Shares	30.23	30.23	-
EPS (Riyals)	(1.74)	(1.51)	13.4 %

Losses before excluding minority interest were trimmed to SAR 2.2 million from SAR 54.7 million a year earlier.

Losses per share stood at SAR 1.51 for 9M 2024 from SAR 1.74 a year earlier.

Losses per share are calculated by dividing net profit after excluding minority interest by the weighted average number of shares

Red Sea narrowed its net loss in the period ending Sept. 30, 2024 thanks to a 516% year-on-year (YoY) jump in revenues, reaching SAR 2.1 billion.

This increase was driven by the strategic acquisition of a 51% stake in Fundamental Installation for Electric Work Co. (First Fix) and continuous operational efficiency enhancements.

The company reported improved Q3 2024 results, with a net loss of SAR 23.3 million, compared to SAR 14.9 million in Q3 2023.

The shift was largely due to its transformation strategy, marked by acquiring 51% of Primary Electrical Installations Company, coupled with amortization charges on intangible assets linked to the acquisition.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	121.60	705.72	480.3 %
Gross Income	5.85	74.52	1173.2 %
Operating Income	(8.56)	40.49	573.0 %
Net Income	(14.96)	(23.31)	(55.8 %)
Average Shares	30.23	30.23	-
EPS (Riyals)	(0.49)	(0.77)	(55.8 %)

Item	Q2 2024	Q3 2024	Change‬
Revenues	751.74	705.72	(6.1 %)
Gross Income	103.05	74.52	(27.7 %)
Operating Income	55.10	40.49	(26.5 %)
Net Income	(15.78)	(23.31)	(47.7 %)
Average Shares	30.23	30.23	-
EPS (Riyals)	(0.52)	(0.77)	(47.7 %)

The company reduced losses in Q3 2024 compared to the year-earlier period thanks to a 480% YoY revenue surge, totaling SAR 705 million.

Red Sea widened losses in Q3 2024 to SAR 23.3 million, compared to a SAR 14.96 million loss in Q3 2023.

The company incurred losses in the current quarter compared to a net profit of SAR 11.8 million in Q2 2024, due to a slight revenue decline due to timing of revenue recognition in financial statements and lower revenues and margins from fixed cost settlements.

The group’s revenues rose to SAR 705 million in Q3 2024, from SAR 121 million in Q3 2023, marking a 480% increase.

General construction revenues reached SAR 646 million, driven by consolidating Primary Electrical, while Building sales revenues dropped 55% quarter-on-quarter (QoQ), from SAR 83 million to SAR 37 million. Rental revenues from investment properties fell 42% QoQ from SAR 38 million to SAR 22 million.

Gross profit climbed to SAR 74.5 million in Q3 2024 from SAR 5.9 million in Q3 2023, supported by consolidating Primary Electrical and cost-efficiency measures, resulting in a gross margin of 10.56%.

Operating profit rose to SAR 15.9 million in Q3 2024, reversing a SAR 8.6 million operating loss in Q3 2023, driven by strong growth in general construction.

Selling, marketing, and administrative expenses increased to SAR 58.53 million due to consolidation of Primary Electrical results and intangible asset amortization.

Total shareholders’ equity (excluding minority interest) stood at SAR 25.70 million by Sept. 30, 2024, compared to SAR 65.44 million a year earlier.

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Share Price

Red Sea International Co. (RED SEA)

	Current
Market Cap (M Riyal)	1,632.42
Enterprise Value (EV) (M)	2,265.08
Shares Outstanding ((M))	30.23
EPS ( Riyal) (TTM)	(0.94)
Book Value (BV) ( Riyal)	0.85
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	41.11
P/E (TTM)	NEG
Price/book	63.51
Return on Average Assets (%) (TTM)	(1.52 )
Return on Average Equity (%) (TTM)	(62.40 )

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2015	275.44	2.4 %	67.16	(7.3 %)	34.43	(25.3 %)
Q2 2015	237.15	(11.4 %)	58.82	(12.9 %)	22.53	(45.8 %)
Q3 2015	228.40	(19.5 %)	48.40	(36.0 %)	7.35	(83.9 %)
Q4 2015	286.90	0.8 %	80.13	0.6 %	33.62	(16.0 %)
2015	1,027.89	(7.0 %)	256.80	(13.0 %)	96.39	(44.4 %)
Q1 2016	271.78	(1.3 %)	74.95	11.6 %	39.13	13.6 %
Q2 2016	267.32	12.7 %	70.01	19.0 %	38.96	73.0 %
Q3 2016	251.25	10.0 %	60.44	24.9 %	22.29	203.4 %
Q4 2016	240.07	(16.3 %)	57.94	(27.7 %)	20.63	(38.6 %)
2016	1,030.42	0.2 %	263.34	2.5 %	121.01	25.5 %
Q1 2017	227.33	(16.4 %)	45.28	(39.6 %)	14.90	(61.9 %)
Q2 2017	198.79	(25.6 %)	29.52	(57.8 %)	(3.34)	(108.6 %)
Q3 2017	186.23	(25.9 %)	23.47	(61.2 %)	(7.72)	(134.6 %)
Q4 2017	160.77	(33.0 %)	(23.12)	(139.9 %)	(51.35)	(348.9 %)
2017	773.12	(25.0 %)	75.15	(71.5 %)	(47.51)	(139.3 %)
Q1 2018	147.68	(35.0 %)	10.57	(76.6 %)	(12.95)	(186.9 %)
Q2 2018	201.18	1.2 %	19.38	(34.4 %)	(3.40)	(1.8 %)
Q3 2018	188.50	1.2 %	15.75	(32.9 %)	(7.37)	4.4 %
Q4 2018	121.26	(24.6 %)	32.06	238.7 %	(2.77)	94.6 %
2018	658.62	(14.8 %)	79.73	6.1 %	(26.50)	44.2 %
Q1 2019	119.24	(19.3 %)	7.01	(33.7 %)	(14.72)	(13.7 %)
Q2 2019	123.33	(38.7 %)	0.00	(100.0 %)	(22.33)	(556.9 %)
Q3 2019	141.15	(25.1 %)	2.73	(82.7 %)	(21.40)	(190.2 %)
Q4 2019	222.34	83.4 %	30.98	(3.4 %)	7.46	369.0 %
2019	606.07	(8.0 %)	40.71	(48.9 %)	(50.99)	(92.4 %)
Q1 2020	155.47	30.4 %	6.14	(12.4 %)	(20.45)	(38.9 %)
Q2 2020	128.81	4.4 %	0.40	13366.7 %	(25.31)	(13.4 %)
Q3 2020	114.00	(19.2 %)	(23.32)	(955.9 %)	(41.51)	(94.0 %)
Q4 2020	135.25	(39.2 %)	(11.56)	(137.3 %)	(51.28)	(787.5 %)
2020	533.52	(12.0 %)	(28.35)	(169.6 %)	(138.55)	(171.7 %)
Q1 2021	108.36	(30.3 %)	(8.82)	(243.7 %)	(28.64)	(40.1 %)
Q2 2021	127.66	(0.9 %)	(6.32)	(1688.2 %)	(26.17)	(3.4 %)
Q3 2021	119.34	4.7 %	(8.63)	63.0 %	(27.77)	33.1 %
Q4 2021	112.84	(16.6 %)	(4.57)	60.4 %	(26.80)	47.7 %
2021	468.20	(12.2 %)	(28.34)	0.0 %	(109.38)	21.1 %
Q1 2022	117.23	8.2 %	(3.94)	55.3 %	(21.54)	24.8 %
Q2 2022	62.57	(51.0 %)	(26.93)	(326.1 %)	(46.45)	(77.5 %)
Q3 2022	89.41	(25.1 %)	(32.26)	(273.7 %)	(51.27)	(84.6 %)
Q4 2022	135.00	19.6 %	6.54	243.0 %	(66.82)	(149.3 %)
2022	404.21	(13.7 %)	(56.60)	(99.7 %)	(186.07)	(70.1 %)
Q1 2023	116.39	(0.7 %)	2.45	162.0 %	(12.39)	42.5 %
Q2 2023	105.74	69.0 %	0.50	101.9 %	(12.05)	74.1 %
Q3 2023	121.60	36.0 %	5.85	118.1 %	(8.56)	83.3 %
Q4 2023	1,031.27	663.9 %	109.30	1571.0 %	76.53	214.5 %
2023	1,378.49	241.0 %	114.29	301.9 %	36.33	119.5 %
Q1 2024	659.21	466.4 %	68.54	2703.4 %	29.96	341.8 %
Q2 2024	751.74	610.9 %	103.05	20427.5 %	55.10	557.3 %
Q3 2024	705.72	480.3 %	74.52	1173.2 %	40.49	573.0 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	1,104.95	13.7 %	295.15	6.8 %	173.36	4.0 %
2015	1,027.89	(7.0 %)	256.80	(13.0 %)	96.39	(44.4 %)
2016	1,030.42	0.2 %	263.34	2.5 %	121.01	25.5 %
2017	773.12	(25.0 %)	75.15	(71.5 %)	(47.51)	(139.3 %)
2018	658.62	(14.8 %)	79.73	6.1 %	(26.50)	44.2 %
2019	606.07	(8.0 %)	40.71	(48.9 %)	(50.99)	(92.4 %)
2020	533.52	(12.0 %)	(28.35)	(169.6 %)	(138.55)	(171.7 %)
2021	468.20	(12.2 %)	(28.34)	0.0 %	(109.38)	21.1 %
2022	404.21	(13.7 %)	(56.60)	(99.7 %)	(186.07)	(70.1 %)
2023	1,378.49	241.0 %	114.29	301.9 %	36.33	119.5 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2015	30.04	(31.0 %)	0.99	-	30.04	0.99
Q2 2015	17.02	(58.3 %)	0.56	-	17.02	0.56
Q3 2015	1.95	(95.5 %)	0.06	-	1.95	0.06
Q4 2015	27.10	(7.4 %)	0.90	-	27.10	0.90
2015	76.10	(51.4 %)	2.52	-	76.10	2.52
Q1 2016	31.77	5.8 %	1.05	-	31.77	1.05
Q2 2016	31.16	83.1 %	1.03	-	31.16	1.03
Q3 2016	10.50	439.6 %	0.35	-	10.50	0.35
Q4 2016	16.91	(37.6 %)	0.56	-	16.91	0.56
2016	90.34	18.7 %	2.99	-	90.34	2.99
Q1 2017	8.70	(72.6 %)	0.29	-	8.70	0.29
Q2 2017	(5.57)	(117.9 %)	(0.18)	-	(5.57)	(0.18)
Q3 2017	(12.66)	(220.6 %)	(0.42)	-	(12.66)	(0.42)
Q4 2017	(55.77)	(429.8 %)	(1.84)	-	(55.77)	(1.84)
2017	(65.30)	(172.3 %)	(2.16)	-	(65.30)	(2.16)
Q1 2018	(15.42)	(277.1 %)	(0.51)	-	(15.42)	(0.51)
Q2 2018	(9.82)	(76.1 %)	(0.32)	-	(9.82)	(0.32)
Q3 2018	(13.78)	(8.8 %)	(0.46)	-	(13.78)	(0.46)
Q4 2018	(46.73)	16.2 %	(1.55)	(11.80)	(34.93)	(1.16)
2018	(85.74)	(31.3 %)	(2.84)	(11.80)	(73.94)	(2.45)
Q1 2019	(17.97)	(16.6 %)	(0.59)	-	(17.97)	(0.59)
Q2 2019	(27.53)	(180.4 %)	(0.91)	-	(27.53)	(0.91)
Q3 2019	(27.89)	(102.4 %)	(0.92)	-	(27.89)	(0.92)
Q4 2019	(1.47)	96.9 %	(0.05)	(4.96)	3.49	0.12
2019	(74.85)	12.7 %	(2.48)	(4.96)	(69.89)	(2.31)
Q1 2020	(25.13)	(39.9 %)	(0.83)	-	(25.13)	(0.83)
Q2 2020	(27.31)	0.8 %	(0.90)	-	(27.31)	(0.90)
Q3 2020	(44.83)	(60.7 %)	(1.48)	-	(44.83)	(1.48)
Q4 2020	(61.05)	(4,053.2 %)	(2.02)	-	(61.05)	(2.02)
2020	(158.32)	(111.5 %)	(5.24)	-	(158.32)	(5.24)
Q1 2021	(32.66)	(29.9 %)	(1.08)	-	(32.66)	(1.08)
Q2 2021	(29.43)	(7.7 %)	(0.97)	-	(29.43)	(0.97)
Q3 2021	(31.19)	30.4 %	(1.03)	-	(31.19)	(1.03)
Q4 2021	(37.17)	39.1 %	(1.23)	-	(37.17)	(1.23)
2021	(130.44)	17.6 %	(4.31)	-	(130.44)	(4.31)
Q1 2022	(18.82)	42.4 %	(0.62)	-	(18.82)	(0.62)
Q2 2022	(47.71)	(62.1 %)	(1.58)	-	(47.71)	(1.58)
Q3 2022	(56.01)	(79.6 %)	(1.85)	-	(56.01)	(1.85)
Q4 2022	(73.59)	(98.0 %)	(2.43)	(7.31)	(66.28)	(2.19)
2022	(196.13)	(50.4 %)	(6.49)	(7.31)	(188.83)	(6.25)
Q1 2023	(18.58)	1.3 %	(0.61)	-	(18.58)	(0.61)
Q2 2023	(19.13)	59.9 %	(0.63)	-	(19.13)	(0.63)
Q3 2023	(14.96)	73.3 %	(0.49)	-	(14.96)	(0.49)
Q4 2023	17.54	123.8 %	0.58	5.52	12.02	0.40
2023	(35.13)	82.1 %	(1.16)	5.52	(40.65)	(1.34)
Q1 2024	(6.90)	62.9 %	(0.23)	(24.76)	17.86	0.59
Q2 2024	(15.78)	17.5 %	(0.52)	(24.37)	8.59	0.28
Q3 2024	(23.31)	(55.8 %)	(0.77)	(24.54)	1.23	0.04

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	156.69	2.6 %	5.18	-	156.69	5.18
2015	76.10	(51.4 %)	2.52	-	76.10	2.52
2016	90.34	18.7 %	2.99	-	90.34	2.99
2017	(65.30)	(172.3 %)	(2.16)	-	(65.30)	(2.16)
2018	(85.74)	(31.3 %)	(2.84)	(11.80)	(73.94)	(2.45)
2019	(74.85)	12.7 %	(2.48)	(4.96)	(69.89)	(2.31)
2020	(158.32)	(111.5 %)	(5.24)	-	(158.32)	(5.24)
2021	(130.44)	17.6 %	(4.31)	-	(130.44)	(4.31)
2022	(196.13)	(50.4 %)	(6.49)	(7.31)	(188.83)	(6.25)
2023	(35.13)	82.1 %	(1.16)	5.52	(40.65)	(1.34)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	26.08 %	25.83 %	12.89 %
Q2 2015	26.02 %	24.40 %	11.05 %
Q3 2015	24.76 %	21.56 %	7.63 %
Q4 2015	24.76 %	20.33 %	7.40 %
2015	24.98 %	20.18 %	7.40 %
Q1 2016	25.61 %	20.64 %	7.60 %
Q2 2016	25.94 %	21.75 %	8.72 %
Q3 2016	26.51 %	22.60 %	9.33 %
Q4 2016	25.56 %	22.50 %	8.77 %
2016	25.56 %	22.50 %	8.77 %
Q1 2017	23.70 %	21.09 %	6.82 %
Q2 2017	21.06 %	18.07 %	3.33 %
Q3 2017	18.33 %	15.29 %	0.87 %
Q4 2017	9.72 %	7.52 %	(8.45 %)
2017	9.72 %	7.52 %	(8.45 %)
Q1 2018	5.83 %	3.96 %	(12.89 %)
Q2 2018	4.35 %	3.42 %	(13.46 %)
Q3 2018	3.24 %	3.51 %	(13.58 %)
Q4 2018	11.81 %	9.95 %	(11.23 %)
2018	12.11 %	9.95 %	(11.23 %)
Q1 2019	11.77 %	10.01 %	(12.14 %)
Q2 2019	9.93 %	8.31 %	(17.05 %)
Q3 2019	8.28 %	6.69 %	(21.45 %)
Q4 2019	6.72 %	7.16 %	(11.53 %)
2019	6.72 %	7.16 %	(11.53 %)
Q1 2020	6.20 %	5.40 %	(12.00 %)
Q2 2020	6.21 %	4.30 %	(11.86 %)
Q3 2020	2.29 %	0.51 %	(15.11 %)
Q4 2020	(5.31 %)	(11.03 %)	(29.68 %)
2020	(5.31 %)	(11.03 %)	(29.68 %)
Q1 2021	(8.90 %)	(14.12 %)	(34.10 %)
Q2 2021	(10.31 %)	(14.76 %)	(34.61 %)
Q3 2021	(7.20 %)	(12.11 %)	(31.46 %)
Q4 2021	(6.05 %)	(7.38 %)	(27.86 %)
2021	(6.05 %)	(7.38 %)	(27.86 %)
Q1 2022	(4.92 %)	(6.01 %)	(24.44 %)
Q2 2022	(10.70 %)	(12.50 %)	(32.74 %)
Q3 2022	(17.72 %)	(20.15 %)	(41.80 %)
Q4 2022	(14.00 %)	(29.33 %)	(46.72 %)
2022	(14.00 %)	(29.33 %)	(46.72 %)
Q1 2023	(12.45 %)	(26.56 %)	(46.75 %)
Q2 2023	(5.10 %)	(16.18 %)	(35.83 %)
Q3 2023	3.20 %	(6.30 %)	(24.85 %)
Q4 2023	8.59 %	8.38 %	(2.96 %)
2023	8.29 %	7.84 %	(2.95 %)
Q1 2024	9.60 %	8.23 %	(0.22 %)
Q2 2024	11.18 %	8.93 %	0.92 %
Q3 2024	11.29 %	11.40 %	1.26 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	26.71 %	26.19 %	14.18 %
2015	24.98 %	20.18 %	7.40 %
2016	25.56 %	22.50 %	8.77 %
2017	9.72 %	7.52 %	(8.45 %)
2018	12.11 %	9.95 %	(11.23 %)
2019	6.72 %	7.16 %	(11.53 %)
2020	(5.31 %)	(11.03 %)	(29.68 %)
2021	(6.05 %)	(7.38 %)	(27.86 %)
2022	(14.00 %)	(29.33 %)	(46.72 %)
2023	8.29 %	7.84 %	(2.95 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	24.38 %	23.14 %	10.91 %
Q2 2015	24.80 %	20.10 %	7.18 %
Q3 2015	21.19 %	15.67 %	0.85 %
Q4 2015	27.93 %	21.54 %	9.44 %
Q1 2016	27.58 %	24.33 %	11.69 %
Q2 2016	26.19 %	24.54 %	11.66 %
Q3 2016	24.05 %	19.89 %	4.18 %
Q4 2016	24.13 %	20.88 %	7.04 %
Q1 2017	19.92 %	18.58 %	3.83 %
Q2 2017	14.85 %	11.79 %	(2.80 %)
Q3 2017	12.60 %	7.81 %	(6.80 %)
Q4 2017	(14.38 %)	(13.72 %)	(34.69 %)
Q1 2018	7.16 %	7.79 %	(10.44 %)
Q2 2018	9.63 %	9.84 %	(4.88 %)
Q3 2018	8.36 %	8.11 %	(7.31 %)
Q4 2018	26.44 %	15.61 %	(28.80 %)
Q1 2019	5.88 %	7.60 %	(15.07 %)
Q2 2019	0.00 %	2.13 %	(22.32 %)
Q3 2019	1.93 %	2.25 %	(19.76 %)
Q4 2019	13.93 %	12.83 %	1.57 %
Q1 2020	3.95 %	0.24 %	(16.17 %)
Q2 2020	0.31 %	(3.27 %)	(21.21 %)
Q3 2020	(20.46 %)	(18.88 %)	(39.32 %)
Q4 2020	(8.55 %)	(24.75 %)	(45.14 %)
Q1 2021	(8.14 %)	(8.76 %)	(30.14 %)
Q2 2021	(4.95 %)	(5.61 %)	(23.05 %)
Q3 2021	(7.23 %)	(7.78 %)	(26.13 %)
Q4 2021	(4.05 %)	(7.64 %)	(32.94 %)
Q1 2022	(3.36 %)	(3.09 %)	(16.06 %)
Q2 2022	(43.05 %)	(47.88 %)	(76.25 %)
Q3 2022	(36.08 %)	(38.89 %)	(62.64 %)
Q4 2022	4.85 %	(37.18 %)	(49.10 %)
Q1 2023	2.10 %	6.69 %	(15.96 %)
Q2 2023	0.47 %	4.68 %	(18.09 %)
Q3 2023	4.81 %	6.01 %	(12.30 %)
Q4 2023	10.60 %	9.23 %	1.17 %
Q1 2024	10.40 %	7.64 %	2.71 %
Q2 2024	13.71 %	10.11 %	1.14 %
Q3 2024	10.56 %	19.47 %	0.17 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2015	30.23	4.74	4.74	32.79
Q2 2015	30.23	3.95	3.95	31.31
Q3 2015	30.23	2.59	2.59	31.31
Q4 2015	30.23	2.52	2.52	32.05
Q1 2016	30.23	2.57	2.57	30.61
Q2 2016	30.23	3.04	3.04	30.07
Q3 2016	30.23	3.33	3.33	30.40
Q4 2016	30.23	2.99	2.99	30.81
Q1 2017	30.23	2.23	2.23	31.18
Q2 2017	30.23	1.01	1.01	29.57
Q3 2017	30.23	0.24	0.24	29.16
Q4 2017	30.23	(2.16)	(2.16)	27.03
Q1 2018	30.23	(2.96)	(2.96)	26.10
Q2 2018	30.23	(3.10)	(3.10)	25.69
Q3 2018	30.23	(3.13)	(3.13)	25.22
Q4 2018	30.23	(2.84)	(2.45)	23.53
Q1 2019	30.23	(2.92)	(2.53)	22.91
Q2 2019	30.23	(3.51)	(3.12)	22.06
Q3 2019	30.23	(3.97)	(3.58)	21.12
Q4 2019	30.23	(2.48)	(2.31)	19.94
Q1 2020	30.23	(2.71)	(2.55)	19.98
Q2 2020	30.23	(2.71)	(2.54)	19.07
Q3 2020	30.23	(3.27)	(3.10)	17.59
Q4 2020	30.23	(5.24)	(5.24)	14.61
Q1 2021	30.23	(5.49)	(5.49)	13.54
Q2 2021	30.23	(5.56)	(5.56)	12.57
Q3 2021	30.23	(5.10)	(5.10)	11.53
Q4 2021	30.23	(4.31)	(4.31)	10.23
Q1 2022	30.23	(3.86)	(3.86)	9.61
Q2 2022	30.23	(4.46)	(4.46)	8.03
Q3 2022	30.23	(5.28)	(5.28)	6.18
Q4 2022	30.23	(6.49)	(6.25)	3.91
Q1 2023	30.23	(6.48)	(6.24)	3.29
Q2 2023	30.23	(5.53)	(5.29)	2.66
Q3 2023	30.23	(4.18)	(3.93)	2.16
Q4 2023	30.23	(1.16)	(1.34)	2.36
Q1 2024	30.23	(0.78)	(0.14)	2.57
Q2 2024	30.23	(0.66)	0.78	2.85
Q3 2024	30.23	(0.94)	1.31	0.85

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	30.23	5.18	5.18	32.11
2015	30.23	2.52	2.52	32.05
2016	30.23	2.99	2.99	30.81
2017	30.23	(2.16)	(2.16)	27.03
2018	30.23	(2.84)	(2.45)	23.53
2019	30.23	(2.48)	(2.31)	19.94
2020	30.23	(5.24)	(5.24)	14.61
2021	30.23	(4.31)	(4.31)	10.23
2022	30.23	(6.49)	(6.25)	3.91
2023	30.23	(1.16)	(1.34)	2.36

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2015	16.63	16.63	2.40
Q2 2015	19.69	19.69	2.49
Q3 2015	18.17	18.17	1.50
Q4 2015	19.25	19.25	1.51
Q1 2016	18.59	18.59	1.56
Q2 2016	16.51	16.51	1.67
Q3 2016	13.28	13.28	1.45
Q4 2016	19.62	19.62	1.90
Q1 2017	22.48	22.48	1.60
Q2 2017	38.15	38.15	1.30
Q3 2017	More than 100	More than 100	1.40
Q4 2017	NEG	NEG	1.40
Q1 2018	NEG	NEG	1.36
Q2 2018	NEG	NEG	1.45
Q3 2018	NEG	NEG	1.19
Q4 2018	NEG	NEG	1.34
Q1 2019	NEG	NEG	1.36
Q2 2019	NEG	NEG	1.26
Q3 2019	NEG	NEG	1.29
Q4 2019	NEG	NEG	1.39
Q1 2020	NEG	NEG	1.00
Q2 2020	NEG	NEG	1.31
Q3 2020	NEG	NEG	2.08
Q4 2020	NEG	NEG	3.02
Q1 2021	NEG	NEG	4.00
Q2 2021	NEG	NEG	4.88
Q3 2021	NEG	NEG	4.70
Q4 2021	NEG	NEG	4.10
Q1 2022	NEG	NEG	4.11
Q2 2022	NEG	NEG	3.39
Q3 2022	NEG	NEG	5.06
Q4 2022	NEG	NEG	5.78
Q1 2023	NEG	NEG	7.64
Q2 2023	NEG	NEG	9.66
Q3 2023	NEG	NEG	10.57
Q4 2023	NEG	NEG	10.05
Q1 2024	NEG	NEG	11.67
Q2 2024	NEG	36.84	10.04
Q3 2024	NEG	50.86	78.57

Period	P/E	Adjusted P/E	Price/book
2014	13.85	13.85	2.24
2015	19.25	19.25	1.51
2016	19.62	19.62	1.90
2017	NEG	NEG	1.40
2018	NEG	NEG	1.34
2019	NEG	NEG	1.39
2020	NEG	NEG	3.02
2021	NEG	NEG	4.10
2022	NEG	NEG	5.78
2023	NEG	NEG	10.05

Business Segments (Million)

Compared With The

Period	General Construction	Manufacture & sale	property Leasing	Paints
Q1 2015	-	165.59	101.37	8.48
Q2 2015	-	125.78	99.86	11.52
Q3 2015	-	109.04	107.64	11.72
Q4 2015	-	144.92	129.91	12.08
Q1 2016	-	144.90	109.31	17.57
Q2 2016	-	142.61	106.14	18.57
Q3 2016	-	140.72	99.25	11.29
Q4 2016	-	135.03	88.92	19.05
Q1 2017	-	128.22	84.72	14.39
Q2 2017	-	105.23	81.14	12.42
Q3 2017	-	98.66	76.24	11.33
Q4 2017	-	77.69	74.08	9.00
Q1 2018	-	70.54	64.99	12.16
Q2 2018	-	123.48	67.30	10.40
Q3 2018	-	110.77	66.99	10.74
Q4 2018	-	41.44	67.39	12.43
Q1 2019	-	54.21	55.69	9.35
Q2 2019	-	62.44	51.32	9.30
Q3 2019	-	77.50	53.11	10.55
Q4 2019	-	158.09	51.30	12.95
Q1 2020	-	91.58	55.10	8.78
Q2 2020	-	67.98	58.00	2.83
Q3 2020	-	70.91	38.83	4.26
Q4 2020	-	88.93	37.72	8.60
Q1 2021	-	54.20	47.00	7.16
Q2 2021	-	66.25	54.94	6.47
Q3 2021	-	69.80	46.48	3.06
Q4 2021	-	54.97	54.57	3.31
Q1 2022	-	78.06	36.09	3.08
Q2 2022	-	16.87	41.42	4.28
Q3 2022	-	42.99	44.08	2.34
Q4 2022	-	101.71	42.98	-
Q1 2023	-	78.82	37.56	-
Q2 2023	-	66.98	38.77	-
Q3 2023	-	83.35	38.25	0.03
Q4 2023	869.25	128.61	36.65	-
Q1 2024	591.08	26.40	41.73	-
Q2 2024	609.29	106.91	35.54	-
Q3 2024	646.34	37.34	22.05	-

Period	General Construction	Manufacture & sale	property Leasing	Paints
2014	-	724.13	360.46	20.35
2015	-	545.33	438.77	43.79
2016	-	563.25	403.61	66.48
2017	-	409.80	316.19	47.13
2018	-	346.23	266.66	45.72
2019	-	352.23	211.69	42.15
2020	-	319.41	189.64	24.48
2021	-	245.22	202.98	20.00
2022	-	239.63	164.58	-
2023	869.25	358.01	151.23	-

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Red Sea 9M 2024 net loss shrinks to SAR 45.6M; Q3 at SAR 23.3M

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Red Sea 9M 2024 net loss shrinks to SAR 45.6M; Q3 at SAR 23.3M

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Red Sea International Co. (RED SEA)

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