Arab Sea’s turns to SAR 5.5 mln loss in H1 2022; Q2 at SAR 1.9 mln

Arab Sea Information Systems Co. swung to a net loss after Zakat and tax of SAR 5.5 million by the end of H1 2022, against a net profit of SAR 4.5 million in the year-ago period.

The company reported a revenue drop of 22.24% year-on-year (YoY) and a 49.27% YoY increase in selling and administrative expenses in the current period.

In Q2 2022, the company turned to a net loss after Zakat and tax of SAR 1.9 million, versus a net profit of SAR 4.37 million a year earlier, as revenue declined by 37.34%, while the selling and administrative expenses increased by 41.84%.

On a sequential basis, net losses decreased by 47.2% from SAR 3.58 million on a 4.78% quarter-on-quarter (QoQ) decrease in selling and administrative expenses. Arab Sea also cited a 437.7% QoQ surge in other income.

Total shareholders’ equity, after minority interest, rose to SAR 141.75 million as of June 30, 2022, from SAR 130.433 million a year earlier.

Arab Sea attributed the increase in selling and administrative expenses to the higher costs incurred on the establishment of subsidiaries.

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