Arab Sea swings to loss of SAR 15.87 mln in 2020

30/03/2021 Argaam Exclusive

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Arab Sea Information Systems Co. reported a net loss after Zakat and tax of SAR 15.9 million for 2020, versus a net profit of SAR 24.2 million a year earlier.

The company attributed the loss to lower revenue on coronavirus pandemic and transfer of SAR 6.5 million from revenues to the deferred revenue account, as per standard 15 of international standards (IFRS).

The firm conducted a study on decreasing the value of intangible assets (impairment) and formed a provision of impairment by SAR 5 million. In addition, a final Zakat assessment was made from 2014 to 2018, and an amount of SAR 1.84 million was charged in 2020.

Financials (M)

Item	2019	2020	Change‬
Revenues	38.69	24.12	(37.6 %)
Gross Income	22.41	5.31	(76.3 %)
Operating Income	5.83	(8.31)	(242.4 %)
Net Income	24.15	(15.83)	(165.6 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.24	(0.16)	(165.6 %)

The firm turned to a net loss after Zakat and tax of SAR 7.9 million in Q4 2020, compared to a net profit of SAR 20.5 million in Q4 2019.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	13.44	6.71	(50.1 %)
Gross Income	9.48	2.38	(74.9 %)
Operating Income	2.76	(1.54)	(155.9 %)
Net Income	20.53	(7.81)	(138.1 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.21	(0.08)	(138.1 %)

Item	Q3 2020	Q4 2020	Change‬
Revenues	5.66	6.71	18.6 %
Gross Income	0.54	2.38	337.8 %
Operating Income	(3.26)	(1.54)	52.7 %
Net Income	(4.44)	(7.81)	(76.1 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	(0.04)	(0.08)	(76.1 %)

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