Red Sea reports 17M Riyals loss in Q2 2026
Saudi Red Sea Company recorded a net loss of 16.86 million riyals in the second quarter of 2026, representing a 1242.2% increase compared to the same period last year. The company shifted from profits to losses on a quarterly basis. Sales declined by 22% to reach 608.05 million riyals due to reduced project execution and shrinking profit margins, while financing costs increased owing to higher borrowing and provisions for expected credit losses. For the first half of the year, losses amounted to 14.31 million riyals, compared to 12.5 million riyals in the same period last year, driven by decreased revenues and profits. The accumulated losses continued to grow, totaling 52.75 million riyals, which is equivalent to 11% of the company's capital.
Notice: This Is an AI-Generated Summary
Comments (0)