Arab Sea swings to net profit of SAR 9 mln in H1 2021

16/08/2021 Argaam Exclusive

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Arab Sea Information System Co. posted a net profit of SAR 9 million for the first half of 2021, against a net loss of SAR 3.6 million in the prior-year period.

The company’s positive performance was driven by an 89.14% year-on-year (YoY) increase in revenue. Arab Sea also cited a 41.82% YoY decline in the cost of goods sold for the current period, amid higher inventory by the end of the current period.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	11.76	22.23	89.1 %
Gross Income	2.39	12.21	411.5 %
Operating Income	(3.50)	4.58	230.8 %
Net Income	(3.58)	4.45	224.2 %
Average Shares	100.00	100.00	-
EPS (Riyals)	(0.04)	0.04	224.2 %

In Q2 2021, Arab Sea turned to a net profit of SAR 9.4 million against a net loss of SAR 1.86 million a year earlier, driven by a twofold rise YoY in revenue and a decline in the cost of goods sold.

In Q1 2021, the company incurred a net loss of SAR 353,143.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	5.30	13.37	152.4 %
Gross Income	0.82	8.25	905.9 %
Operating Income	(1.85)	4.33	333.9 %
Net Income	(1.86)	4.37	335.7 %
Average Shares	100.00	100.00	-
EPS (Riyals)	(0.02)	0.04	335.7 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	8.87	13.37	50.8 %
Gross Income	3.96	8.25	108.2 %
Operating Income	0.25	4.33	1639.8 %
Net Income	0.08	4.37	5732.0 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.00	0.04	5732.0 %

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