Financial Results : Arab Sea swings to SAR 8 mln loss in 9M 2020

Arab Sea swings to SAR 8 mln loss in 9M 2020

08/11/2020 Argaam Exclusive

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Arab Sea Information System Co.’s net loss after Zakat and tax stood at SAR 8 million for the first nine months of 2020, versus net profit of SAR 3.6 million in year-earlier period, driven by a 31.03% slump in revenue, and a 17.58% rise in cost of revenue.



Financials (M)

Item 9m 2019 9m 2020 Change‬
Revenues 25.25 17.41 (31.0 %)
Gross Income 12.93 2.93 (77.3 %)
Operating Income 3.07 (6.76) (320.0 %)
Net Income 3.62 (8.02) (321.8 %)
Average Shares 100.00 100.00 -
EPS (Riyals) 0.04 (0.08) (321.8 %)


Current Quarter Comparison (M)

Compared With The
Item Q3 2019 Q3 2020 Change‬
Revenues 7.66 5.66 (26.1 %)
Gross Income 3.11 0.54 (82.5 %)
Operating Income 0.28 (3.26) (1247.9 %)
Net Income 0.45 (4.44) (1092.6 %)
Average Shares 100.00 100.00 -
EPS (Riyals) 0.00 (0.04) (1092.6 %)

The company reported net loss after Zakat and tax of SAR 4.4 million in Q3 2020, versus net profit of SAR 446,686 in prior-year period, due to 26.08% lower revenue, higher cost of revenue and Zakat settlements.

 

On a sequential basis, Q3 2020 net loss widened by more than twofold from SAR 1.856 million in Q2 2020.

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