RIYADH: Saudi-listed Red Sea International saw its shares surge 9 percent on Sunday, even as its first-half losses widened to SR67 million ($18 million).
Its share price gained to reach SR32.1 at the closing bell, after declining 1.9 percent to SR28.85 earlier in the day.
The company's losses were up 7 percent from SR63 million in last year’s first half, which came in line with a 24 percent revenue drop to SR180 million according to a bourse filing.
The firm, which provides modular building solutions for residential, commercial, and industrial sectors, attributed the results to lower revenue, and higher administration and selling expenses.
Accumulated losses reached SR357 million by the end of the six-month period, representing 59.5 percent of capital.
