Arab Sea turns to profit of SAR 21.6 mln in 2021; Q4 earnings hit SAR 11.4 mln

09/03/2022 Argaam Exclusive

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Arab Sea Information Systems Co. reported a net profit after Zakat and tax of SAR 21.6 million for 2021, from a loss of SAR 15.8 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	24.12	57.45	138.2 %
Gross Income	5.31	37.51	606.7 %
Operating Income	(8.31)	10.67	228.5 %
Net Income	(15.83)	21.55	236.1 %
Average Shares	100.00	100.00	-
EPS (Riyals)	(0.16)	0.22	236.1 %

The profit was driven by higher revenue and recovering the impairment in the value of intangible assets amounting to SAR 11.67 million in accordance with Standard 36 of IFRS.

The company reported a net profit after Zakat and tax of SAR 11.4 million in Q4 2021, compared to a loss of SAR 7.81 million in Q4 2020.

On a sequential basis, net profit saw an eight-fold increase from SAR 1.18 million in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	6.71	23.50	250.2 %
Gross Income	2.38	19.31	712.5 %
Operating Income	(1.54)	4.38	384.2 %
Net Income	(7.81)	15.62	299.9 %
Average Shares	100.00	100.00	-
EPS (Riyals)	(0.08)	0.16	299.9 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	11.72	23.50	100.5 %
Gross Income	5.98	19.31	222.9 %
Operating Income	1.71	4.38	156.8 %
Net Income	1.48	15.62	954.6 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.01	0.16	954.6 %

Total shareholders’ equity, after minority interest, rose to SAR 147.215 million as of Dec. 31, 2021, from SAR 125.983 million a year earlier.

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