|Introduction||This is an Addendum Announcement from Red Sea International Co Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )|
|Date of Posting the Previous Announcement of Development on Tadawul's Website||2021-11-02 Corresponding to 1443-03-27|
|URL of the Previous Announcement||Click Here|
|Change on the Development||
The company would like to state that the accumulated losses came as a result of extension of the ongoing projects due to the COVID-19 pandemic, whereby the company was unable to reduce the number of manpower in these projects and other related costs to cope with the delay in executing these projects, and the company was also unable to compensate for this increase in the additional costs. In addition, the projects that are still under execution have been priced without taking any reserves for the increase in the prices of materials and manpower.
In an effort to reduce costs and increase profitability, the company has developed various systems and procedures for project pricing and developed the (ERP) system to monitor and control costs related to project pricing and hedge any possible increase in the prices of materials and manpower
The procedures and instructions for companies listed in the Saudi stock market, with accumulated losses reaching 35% or more will be applied.
|Financial Impact on the change||None|
The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
Red Sea International Co. published this content on 03 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 November 2021 19:24:04 UTC.