Crimson Sea Worldwide Firm introduced its consolidated monetary outcomes for the primary six months of 2025, reporting a internet revenue of SR1.87 million, a 168% enchancment in comparison with the primary half of 2024. Nevertheless, internet revenue for Q2 2025 reached SR6.39 million, representing a 31% decline in comparison with Q2 2024.
By the top of Q2 2025, revenues for the primary half reached SR1,479 million, marking a 54% enhance in comparison with H1 2024. Q2 2025 revenues stood at SR779 million, up 4% in comparison with Q2 2024. This development was primarily pushed by improved efficiency and better challenge completion charges. Working revenue for the primary six months of 2025 reached SR42.8 million, a rise of 44% in comparison with the identical interval in 2024. Working revenue for Q2 2025 stood at SR23.72 million, down 10% in comparison with Q2 2024.
This efficiency enchancment within the first half of the yr got here regardless of decrease total profitability, primarily attributable to accounting changes associated to the Amortization of Buy Worth Allocation (PPA). In 2024, the corporate carried out a PPA for the acquisition of First Repair Firm for Electrical Works Ltd., which resulted in an accounting lack of SR121.75 million in 2024 and SR48.7 million in H1 2025.
These losses are purely accounting changes required underneath the Worldwide Monetary Reporting Requirements (IFRS) and don’t characterize precise operational losses. This has been clarified within the notes to the consolidated monetary statements for the intervals ending 31 March 2025 and 30 June 2025.
To deal with the affect of the PPA provision, the corporate is implementing the Board of Administrators’ advice to extend capital by changing money owed owed to minority shareholders (the sellers) in First Repair — particularly, the deferred portion of the acquisition value — into shares.
The corporate has submitted this request to the Capital Market Authority, and it’s at present underneath overview, with a choice anticipated quickly.
