Arab Sea turns to SAR 10.4 mln loss in 2022; Q4 at SAR 2.9 mln

26/03/2023 Argaam Exclusive

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Arab Sea Information System Co. swung to a net loss of SAR 10.4 million for 2022, against a net profit of SAR 21.6 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	57.45	40.85	(28.9 %)
Gross Income	37.51	19.47	(48.1 %)
Operating Income	10.67	(9.45)	(188.5 %)
Net Income	21.55	(10.44)	(148.4 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.22	(0.10)	(148.4 %)

The software company cited a revenue fall of 28.89% year-on-year (YoY) during the 12-month period. General and administrative expenses also increased by 43% YoY in the same period.

In Q4 2022, the company turned to net loss of SAR 2.9 million, versus a net profit of SAR 11.3 million in the prior-year period.

It widened losses on a quarterly basis by 41.4% from SAR 2 million in Q3 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	23.50	13.65	(41.9 %)
Gross Income	19.31	10.18	(47.3 %)
Operating Income	4.38	(1.42)	(132.3 %)
Net Income	15.62	(2.91)	(118.7 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.16	(0.03)	(118.7 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	9.91	13.65	37.7 %
Gross Income	4.04	10.18	152.0 %
Operating Income	(1.89)	(1.42)	25.0 %
Net Income	(2.06)	(2.91)	(41.4 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	(0.02)	(0.03)	(41.4 %)

Shareholders’ equity, no minority interest, dropped to SAR 136.28 million as of Dec. 31, 2022, from SAR 147.21 million a year earlier.

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