Arab Sea deepens 9M 2023 loss to SAR 17.5 mln; Q3 at SAR 5.8 mln

09/11/2023 Argaam Exclusive

Arab Sea Information Systems Co. increased its net losses in the first nine months of 2023 to SAR 17.5 million, compared with SAR 7.5 million in the same period last year.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 27.20 22.20 (18.4 %)
Gross Income 9.29 3.12 (66.5 %)
Operating Income (8.03) (17.16) (113.7 %)
Net Income (7.53) (17.48) (132.3 %)
Average Shares 100.00 100.00 -
EPS (Riyals) (0.08) (0.17) (132.3 %)

The losses were due to an 18.4% year-on-year (YoY) slump in revenues, as well as higher administrative and selling expenses by 20.8% YoY.

 

The company also deepened Q3 2023 losses to SAR 5.8 million from SAR 2 million in Q3 2022, due to a decrease in revenues by 25.8% YoY as well as higher general and selling expenses by 16.5% YoY.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 9.91 7.36 (25.8 %)
Gross Income 4.04 1.11 (72.6 %)
Operating Income (1.89) (5.80) (207.1 %)
Net Income (2.06) (5.77) (180.1 %)
Average Shares 100.00 100.00 -
EPS (Riyals) (0.02) (0.06) (180.1 %)

On a quarter-on-quarter basis, the company narrowed Q3 losses from SAR 6.81 million.

 

Shareholders’ equity, no minority interest, reached SAR 118.8 million as of Sept. 30, 2023, from SAR 139.69 million a year earlier.

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Share Price

Arab Sea Information System Co.
7.08
0.05 0.71 %

Arab Sea Information System Co. (ARAB SEA)

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Financial Ratios
Current
Market Cap (M Riyal) 708.00
Enterprise Value (EV) (M) 705.69
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 6.56
Return on Average Assets (%) (TTM) (8.79 )
Return on Average Equity (%) (TTM) (10.54 )
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