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.
| 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.
| 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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