Arab Sea turns to net profit of SAR 10.2 mln in 9M 2021

28/10/2021 Argaam Exclusive

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Arab Sea Information System Co. reported a net profit after Zakat and tax of SAR 10.2 million for the first nine months of 2021, against a net loss after Zakat and tax of SAR 8 million in the prior-year period.

The profit was attributed to higher revenue and a decrease in the cost of revenue year-on-year (YoY).

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	17.41	33.95	95.0 %
Gross Income	2.93	18.19	520.6 %
Operating Income	(6.76)	6.29	193.0 %
Net Income	(8.02)	5.93	174.0 %
Average Shares	100.00	100.00	-
EPS (Riyals)	(0.08)	0.06	174.0 %

In Q32021, Arab Sea turned to a net profit after Zakat and tax of SAR 1.2 million from a net loss after Zakat and tax of SAR 4.4 million in the year-earlier period, driven by a 107% increase YoY in revenue.

On a sequential basis, the company reported a profit compared to a net loss of SAR 9.37 million in Q2 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	5.66	11.72	107.1 %
Gross Income	0.54	5.98	1001.7 %
Operating Income	(3.26)	1.71	152.4 %
Net Income	(4.44)	1.48	133.4 %
Average Shares	100.00	100.00	-
EPS (Riyals)	(0.04)	0.01	133.4 %

Item	Q2 2021	Q3 2021	Change‬
Revenues	13.37	11.72	(12.3 %)
Gross Income	8.25	5.98	(27.5 %)
Operating Income	4.33	1.71	(60.6 %)
Net Income	4.37	1.48	(66.1 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.04	0.01	(66.1 %)

Total shareholders’ equity, excluding minority equity, edged up 1.7% YoY to SAR 146.5 million as of Sept. 30, 2021.

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