RIYADH: The Saudi Red Sea International Co. has managed to narrow down its losses by 42 percent in the first quarter of 2022, driven by higher revenue.
The Saudi-listed firm saw its losses fall to SR19 million ($5 million) in the first quarter from SR33 million a year earlier, a bourse filing revealed.
Following the announcement, the company’s stock dipped 4.77 percent to reach SR16.34, as of 11:06 a.m. Saudi time.
The company said the decline in losses was mainly attributable to a decrease in gross loss and an increase in revenue of 8 percent to SR117 million.
Red Sea International, which provides modular building solutions for residential, commercial and industrial sectors, said that the accumulated losses came as a result of the extension of the ongoing projects due to the COVID-19 pandemic.
It said the company was unable to reduce the manpower in these projects and other related costs to cope with the delay in executing these projects.
