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15/08/2025 13:35 AST
Red Sea International Company announced its consolidated financial results for the first six months of 2025, reporting a net profit of SR1.87 million, a 168% improvement compared to the first half of 2024. However, net profit for Q2 2025 reached SR6.39 million, representing a 31% decline compared to Q2 2024.
By the end of Q2 2025, revenues for the first half reached SR1,479 million, marking a 54% increase compared to H1 2024. Q2 2025 revenues stood at SR779 million, up 4% compared to Q2 2024. This growth was mainly driven by improved performance and higher project completion rates. Operating profit for the first six months of 2025 reached SR42.8 million, an increase of 44% compared to the same period in 2024. Operating profit for Q2 2025 stood at SR23.72 million, down 10% compared to Q2 2024.
This performance improvement in the first half of the year came despite lower overall profitability, primarily due to accounting adjustments related to the Amortization of Purchase Price Allocation (PPA). In 2024, the company carried out a PPA for the acquisition of First Fix Company for Electrical Works Ltd., which resulted in an accounting loss of SR121.75 million in 2024 and SR48.7 million in H1 2025.
These losses are purely accounting adjustments required under the International Financial Reporting Standards (IFRS) and do not represent actual operational losses. This has been clarified in the notes to the consolidated financial statements for the periods ending 31 March 2025 and 30 June 2025.
To address the impact of the PPA provision, the company is implementing the Board of Directors' recommendation to increase capital by converting debts owed to minority shareholders (the sellers) in First Fix - specifically, the deferred portion of the acquisition price - into shares.
The company has submitted this request to the Capital Market Authority, and it is currently under review, with a decision expected soon.
Saudi Gazette
12/11/2025
Britain's FTSE 100 closed at a record high for the second straight session on Tuesday, as weak UK labour market data boosted hopes for Bank of England rate cuts and drugmaker AstraZeneca hit an all-t
Reuters
12/04/2015
Red Sea Housing Services Company (RSHS) has announced the appointment of Prabhakar Kesavan as its new Chief Financial Officer (CFO). In his new role, Kesavan will oversee the finance, accounting, tax
Saudi Gazette
12/03/2015
Saudi Arabia-based Red Sea Housing Services Company (RSH) said it has reached a strategic alliance with Direcional Engenharia, a Brazilian developer, to provide affordable housing solutions for the k
Trade Arabia
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| MASAR | 22.63 | -0.15 (-0.66 |
| JABALOMAR | 16.30 | -0.02 (-0.13 |
| DARALARKAN | 17.20 | 0.11 (0.64 |
| MCDC | 86.55 | 1.05 (1.22 |
| TAIBA | 36.46 | -0.64 (-1.73 |
14/11/2025
Presight AI Holding, a leading Abu Dhabi-based global big data analytics company powered by AI, has reported another period of strong performance for the third quarter driven by robust international
Trade Arabia
14/11/2025
Abu Dhabi Islamic Bank (ADIB), in collaboration with the Ministry of Finance, has launched the first UAE Dirham-denominated sovereign sukuk for individual investors via the ADIB Smart Sukuk Platform.
Trade Arabia
14/11/2025
Al Salam Bank has announced record profitability for the nine months ended September 30, marking another milestone in its transformation into one of the region's leading and fast-growing financial gr
Trade Arabia
14/11/2025
flynas, a low-cost airline in the Middle East, announced the launch of the "Saudi Experiences" initiative. This is in collaboration with the Saudi Tourism Authority.
The announcement was mad
Trade Arabia
14/11/2025
Adnoc Gas has announced its Q3 2025 results, achieving the highest third quarter net income in its history at $1.34 billion, an 8 per cent increase year-on-year.
Year-to-date net income reac
Trade Arabia
Financial Information Co.
Saudi Arabia