Arab Sea 9M 2024 net loss widens to SAR 19.6M; Q3 at SAR 4.6M

10/11/2024 Argaam Exclusive

Arab Sea Information System Co. narrowed it net loss to SAR 19.6 million for the first nine months of 2024, compared to SAR 17.5 million in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 22.20 27.82 25.3 %
Gross Income 3.12 1.42 (54.5 %)
Operating Income (17.16) (19.74) (15.1 %)
Net Income (17.48) (19.56) (11.9 %)
Average Shares 100.00 100.00 -
EPS (Riyals) (0.17) (0.20) (11.9 %)

This came as sales increased by 25.35% year-on-year (YoY) in the nine-month period amid higher revenues from government projects. Further, the 9M 2024 cost of sales surged YoY by 38.38%.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 7.36 11.13 51.4 %
Gross Income 1.11 1.27 14.4 %
Operating Income (5.80) (4.65) 19.8 %
Net Income (5.77) (4.61) 20.1 %
Average Shares 100.00 100.00 -
EPS (Riyals) (0.06) (0.05) 20.1 %

The company trimmed its Q3 2024 net loss to SAR 4.6 million, from SAR 5.8 million in the year-earlier period, as the third-quarter sales climbed by 51.36% YoY due to higher revenues from government projects. The Q3 2024 topline also advanced on an annual basis.

 

On a sequential basis, net loss shrank from SAR 7.98 million in Q2 2024, thanks to the quarter-on-quarter (QoQ) hike in revenues.

 

Total shareholders’ equity (no minority interest) slumped to SAR 107.96 million by Sept. 30, 2024, compared to SAR 118.80 million a year earlier.

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Share Price

Arab Sea Information System Co.
6.54
(0.13) (1.95 %)

Arab Sea Information System Co. (ARAB SEA)

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Financial Ratios
Current
Market Cap (M Riyal) 654.00
Enterprise Value (EV) (M) 651.69
Shares Outstanding ((M)) 100.00
EPS ( Riyal) (TTM) (0.12)
Book Value (BV) ( Riyal) 1.08
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 6.06
Return on Average Assets (%) (TTM) (8.79 )
Return on Average Equity (%) (TTM) (10.54 )
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