Arab Sea Information Systems Co. reported a net loss of SAR 4.9 million for Q1 2023, up from SAR 3.6 million a year earlier.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 8.91 | 9.32 | 4.5 % |
| Gross Income | 2.61 | 2.60 | (0.5 %) |
| Operating Income | (3.22) | (4.66) | (44.7 %) |
| Net Income | (3.58) | (4.90) | (36.9 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | (0.04) | (0.05) | (36.9 %) |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 13.65 | 9.32 | (31.7 %) |
| Gross Income | 10.18 | 2.60 | (74.5 %) |
| Operating Income | (1.42) | (4.66) | (229.0 %) |
| Net Income | (2.91) | (4.90) | (68.1 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | (0.03) | (0.05) | (68.1 %) |
The rise in losses were attributed to higher general, administrative and operating expenses in the current quarter, including those for establishing wholly-owned subsidiaries Arab Sea Financial Co. and Era Data Information Technology Co.
On the other hand, the company recorded a 4.55% year-on-year (YoY) increase in revenues in the three-month period.
Sequentially, Arab Sea expanded losses from SAR 2.91 million in Q4 2022, as revenues decreased 31.70% on a quarterly basis.
Total shareholders’ equity, no minority interest, fell to SAR 131.38 million as of March 31, 2023, from SAR 143.63 million a year earlier.
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