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Red Sea Company's Q2 2026 Losses Reach 17M SAR
The preliminary financial results of Red Sea International Company showed a significant increase in losses during the second quarter of 2026, amounting to 16.86 million Riyals compared to a loss of 1.256 million Riyals in the same period of the previous year, representing a rise of 1242.2%. This is attributed to a 22% decline in revenues, as sales dropped to 608.05 million Riyals due to a slowdown in project execution and lower profit margins. Additionally, financing costs increased as a result of higher borrowing and provisions for credit losses. Accumulated losses reached 52.75 million Riyals, constituting 11% of the capital. Losses for the first half of the year worsened by 14.67%, driven by a decrease in gross profit and increased financing costs.
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