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 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	5.30	5.66	6.8 %
Gross Income	0.82	0.54	(33.8 %)
Operating Income	(1.85)	(3.26)	(76.0 %)
Net Income	(1.86)	(4.44)	(139.1 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	(0.02)	(0.04)	(139.1 %)

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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