Arab Sea turns profitable in 2019

17/03/2020 Argaam Exclusive

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Arab Sea Information Systems Co. reported a net profit after Zakat and tax of SAR 24.2 million for the fiscal year of 2019, versus net losses of SAR 20.34 million in year-earlier period, the company said in a bourse statement.

These earnings were driven by the reevaluation of an impairment in the intangible assets, writing back a sum of SAR 18.3 million.

Q4 net earnings stood at SAR 20.5 million, versus net losses of SAR 23.3 million in year-earlier period.

Financials (M)

Item	2018	2019	Change‬
Revenues	40.88	38.69	(5.4 %)
Gross Income	24.90	22.41	(10.0 %)
Operating Income	10.14	5.83	(42.5 %)
Net Income	(20.34)	24.15	218.7 %
Average Shares	100.00	100.00	-
EPS (Riyals)	(0.20)	0.24	218.7 %

Current Half Annual Comparison (M)

Compared With The

Item	H2 2018	H2 2019	Change‬
Revenues	11.23	13.44	19.7 %
Gross Income	8.77	9.48	8.0 %
Operating Income	5.58	2.76	(50.6 %)
Net Income	(23.38)	20.53	187.8 %
Average Shares	100.00	100.00	-
EPS (Riyals)	(0.23)	0.21	187.8 %

Item	H1 2019	H2 2019	Change‬
Revenues	8.62	13.44	55.8 %
Gross Income	5.85	9.48	62.1 %
Operating Income	2.79	2.76	(0.9 %)
Net Income	3.04	20.53	575.2 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.03	0.21	575.2 %

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