Arab Sea deepens losses to SAR 15M in H1 2024, SAR 8M in Q2

08/08/2024 Argaam Exclusive

Arab Sea Information System Co. widened H1 2024 net losses to SAR 15 million, from SAR 11.7 million in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 14.84 16.69 12.5 %
Gross Income 2.67 0.15 (94.3 %)
Operating Income (11.36) (14.76) (29.9 %)
Net Income (11.71) (14.95) (27.7 %)
Average Shares 100.00 100.00 -
EPS (Riyals) (0.12) (0.15) (27.7 %)

The company cited a 17% year-on-year (YoY) increase in general and administrative expenses (G&A) in the current period. The cost of goods sold (COGS) also rose 36% YoY.

 

On the other hand, sales grew by 12.4% compared to the first half of 2023, driven by better government project revenue.

 

Arab Sea also widened the second-quarter net losses by 17.2% to SAR 8 million, from SAR 6.8 million in Q2 2023 as G&A rose 21.15% YoY, with COGS also advancing 38.4% YoY.

 

Meanwhile, sales saw a rise of 37.6% on an annual basis.

 

Sequentially, net losses also increased compared to SAR 7 million in Q1 2024, hurt by a 16.4% quarter-on-quarter (QoQ) decline in sales.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 5.52 7.60 37.6 %
Gross Income 0.07 0.05 (26.5 %)
Operating Income (6.70) (7.95) (18.7 %)
Net Income (6.81) (7.98) (17.2 %)
Average Shares 100.00 100.00 -
EPS (Riyals) (0.07) (0.08) (17.2 %)

Shareholders’ equity, no minority interest, slumped to SAR 112.09 million as of June 30, 2024, compared to SAR 124.57 million a year earlier.

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Share Price

Arab Sea Information System Co.
7.23
(0.13) (1.77 %)

Arab Sea Information System Co. (ARAB SEA)

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Financial Ratios
Current
Market Cap (M Riyal) 723.00
Enterprise Value (EV) (M) 720.69
Shares Outstanding ((M)) 100.00
EPS ( Riyal) (TTM) (0.13)
Book Value (BV) ( Riyal) 1.12
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 6.45
Return on Average Assets (%) (TTM) (9.61 )
Return on Average Equity (%) (TTM) (11.08 )
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