Financial Results : Arab Sea's H1 profit up 32% to SAR2 mln

Arab Sea's H1 profit up 32% to SAR2 mln

16/08/2018 Argaam Exclusive

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Arab Sea Information System Co. reported a net profit of SAR 1.91 million in the first half of 2018, a 31.55 percent year-on-year (YoY) increase, which was attributed to a 41.30 drop in cost of revenue and a 21.23 percent jump in gross profit.



Financials (M)

Item 6m 2017 6m 2018 Change‬
Revenues 25.09 20.02 (20.2 %)
Gross Income 8.46 10.26 21.2 %
Operating Income 1.63 2.82 73.2 %
Net Income 1.46 1.92 31.6 %
Average Shares 100.00 100.00 -
EPS (Riyals) 0.01 0.02 31.6 %

In Q2, net profit increased by 28.32 percent YoY to SAR 1.01 million on lower cost of revenue and higher gross profit.

 

On a sequential basis, Q2 net profit rose by 12.15 percent.



Current Half Annual Comparison (M)

Compared With The
Item H1 2017 H1 2018 Change‬
Revenues 11.63 9.90 (14.8 %)
Gross Income 4.02 4.88 21.4 %
Operating Income 0.88 1.73 97.8 %
Net Income 0.79 1.01 28.4 %
Average Shares 100.00 100.00 -
EPS (Riyals) 0.01 0.01 28.4 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2009 - - - - - -
H2 2009 - - - - - -
H1 2010 - - - - - -
H2 2010 - - - - - -
H1 2011 - - - - - -
H2 2011 - - - - - -
H1 2012 - - - - - -
H2 2012 - - - - - -
H1 2013 - - - - - -
H2 2013 - - - - - -
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 13.97 - 7.92 - 3.06 -
H1 2016 11.31 - 3.46 - (0.45) -
H2 2016 14.97 7.2 % 5.53 (30.2 %) 1.14 (62.7 %)
H1 2017 11.63 2.9 % 4.02 16.2 % 0.88 295.7 %
H2 2017 16.54 10.5 % 6.61 19.6 % 3.75 228.2 %
H1 2018 9.90 (14.8 %) 4.88 21.4 % 1.73 97.8 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2009 - - - - - -
H2 2009 - - - - - -
H1 2010 - - - - - -
H2 2010 - - - - - -
H1 2011 - - - - - -
H2 2011 - - - - - -
H1 2012 - - - - - -
H2 2012 - - - - - -
H1 2013 - - - - - -
H2 2013 - - - - - -
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 2.77 - 0.03 - 2.77 0.03
H1 2016 (0.37) - 0.00 - (0.37) 0.00
H2 2016 0.72 (74.2 %) 0.01 - 0.72 0.01
H1 2017 0.79 313.2 % 0.01 - 0.79 0.01
H2 2017 (28.60) (4094.0 %) (0.29) (31.40) 2.80 0.03
H1 2018 1.01 28.4 % 0.01 (0.76) 1.77 0.02

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2009 - - -
H2 2009 - - -
H1 2010 - - -
H2 2010 - - -
H1 2011 - - -
H2 2011 - - -
H1 2012 - - -
H2 2012 - - -
H1 2013 - - -
H2 2013 - - -
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 39.57 % 30.62 % 10.19 %
H1 2017 42.51 % 35.91 % 14.76 %
H2 2017 34.78 % 30.93 % 6.90 %
H1 2018 42.81 % 37.50 % 11.28 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
H1 2009 - - - -
H2 2009 - - - -
H1 2010 - - - -
H2 2010 - - - -
H1 2011 - - - -
H2 2011 - - - -
H1 2012 - - - -
H2 2012 - - - -
H1 2013 - - - -
H2 2013 - - - -
H1 2014 - - - -
H2 2014 - - - -
H1 2015 - - - -
H2 2015 100.00 - - 1.83
H1 2016 100.00 - - 1.82
H2 2016 100.00 0.05 0.05 1.88
H1 2017 100.00 0.08 0.08 1.90
H2 2017 100.00 (0.28) 0.03 1.48
H1 2018 100.00 (0.28) 0.05 1.58

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2009 - - -
H2 2009 - - -
H1 2010 - - -
H2 2010 - - -
H1 2011 - - -
H2 2011 - - -
H1 2012 - - -
H2 2012 - - -
H1 2013 - - -
H2 2013 - - -
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 18.20 18.20 0.75
H2 2017 NEG 35.44 0.81
H1 2018 NEG 22.16 0.70

Business Segments (Million)

Compared With The
Period Licenses in use of software and hardware Maintenance services and technical support


Financial Ratios
Current
Market Cap (M Riyal) 682.00
Enterprise Value (EV) (M) 678.33
Shares Outstanding ((M)) 100.00
Book Value (BV) ( Riyal) 1.27
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) Neg
Price/book 5.37
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