Red Sea International (4230) has seen its stock surge more than 211% since the start of 2024.
What
Shares rose 2% on Wednesday, reaching SAR 70.10, the highest level since 2015.
So What
The company’s revenues, known for manufacturing and selling prefabricated homes, grew by 611% year-on-year in the second quarter, hitting SAR 752 million.
This was driven by the strategic acquisition of a 51% stake in First Fix, an electrical works company.
Some context
Listed on the Saudi stock exchange in 2006, the company reported a net profit of around SAR 36 million from April to June, compared to a net loss of almost 20 million riyals in the second quarter of last year.
Red Sea International’s net profit for the first half of this year reached SAR 49.5 million, compared to a net loss of over SAR 39 million in the same period of 2023.
