Riyadh – Mubasher: Red Sea International Company inked a SAR 192.01 million contract with the Royal Commission for Al Ula (RCU) on 14 December 2022 to develop a turnkey housing complex in Al Ula.
Under the 12-month agreement, the Tadawul-listed firm will design, establish, supply, and install fully furnished housing units, an office building, a gym, an administration building, a restaurant, and a reception building.
The deal, which was awarded on 29 September this year, comes within the framework of RCU’s strategic projects in Al Ula, according to a bourse filing.
Red Sea International pointed out that the agreement will reflect on its revenues and profits during the first quarter (Q1) of 2023.
In the first nine months (9M) of 2022, Red Sea International suffered net losses after Zakat and tax worth SAR 123.80 million, higher by 31% year-on-year (YoY) than SAR 94.50 million.
Revenues plunged by 24.25% to SAR 269.20 million in 9M-22 from SAR 355.40 million in 9M-21, whereas the loss per share enlarged to SAR 4.05 from SAR 3.08.
Meanwhile, the accumulated losses reached SAR 103.70 million as of 30 September 2022, accounting for 34.30% of the SAR 302.30 million capital.
Last March, the company’s accumulated losses retreated to 20% of its capital.
