Financial Results : Arab Sea turns to losses of SAR 3.6 mln in Q1 2022

Arab Sea turns to losses of SAR 3.6 mln in Q1 2022

17/05/2022 Argaam Exclusive

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Arab Sea Information Systems Co. reported a net loss after Zakat and tax of SAR 3.6 million for Q1 2022, compared to a net profit of SAR 75,000 in the year-earlier period. 



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 8.87 8.91 0.5 %
Gross Income 3.96 2.61 (34.1 %)
Operating Income 0.25 (3.22) (1394.0 %)
Net Income 0.08 (3.58) (4869.3 %)
Average Shares 100.00 100.00 -
EPS (Riyals) 0.00 (0.04) (4869.3 %)

The losses were due to the increased cost of revenues year-on-year (YoY) on higher wages and other cost components. Selling and administrative expenses surged 57.1% YoY due to higher wages and requirements for establishing Arab Sea Financial Co., a subsidiary.

 

In addition, Zakat was re-linked for 2019 and 2020, which impacted net profit.

 

Sequentially, the company turned to a loss from a SAR 11.35 million profit in Q4 2021 on a 62.06% drop in revenues YoY.

Total shareholders’ equity, excluding minority interest, rose 1.3% YoY to SAR 143.639 million.

 

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