Arab Sea turns to SAR 3.6 mln losses in H1 2020

25/08/2020 Argaam Exclusive

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Arab Sea Information Systems Co. turned to a net loss after Zakat and tax of SAR 3.6 million for the first half of 2020 from a net profit of SAR 3.2 million in the same period last year.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	17.59	11.76	(33.2 %)
Gross Income	9.78	2.39	(75.6 %)
Operating Income	2.78	(3.50)	(225.9 %)
Net Income	3.17	(3.58)	(213.0 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.03	(0.04)	(213.0 %)

The losses were attributed to lower sales driven by the shutdown of many businesses due to the implementation of precautionary measures to limit the spread of the coronavirus and higher cost of sales.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	8.62	5.30	(38.6 %)
Gross Income	5.85	0.82	(86.0 %)
Operating Income	2.79	(1.85)	(166.5 %)
Net Income	3.04	(1.86)	(161.0 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.03	(0.02)	(161.0 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	6.46	5.30	(18.0 %)
Gross Income	1.57	0.82	(47.7 %)
Operating Income	(1.65)	(1.85)	(12.2 %)
Net Income	(1.73)	(1.86)	(7.5 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	(0.02)	(0.02)	(7.5 %)

The company turned to a net loss after Zakat and tax of SAR 1.9 million in Q2 2020 from a profit of SAR 3 million a year earlier.

When compared to previous quarter, the company widened its losses in Q2 on lower revenues.

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