Arab Sea turns to SAR 7.5 mln net loss in 9M 2022; Q3 loss at SAR 2.1 mln

07/11/2022 Argaam Exclusive

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Arab Sea Information Systems Co. swung to a net loss after Zakat and tax of SAR 7.5 million in the first nine months of 2022, against a net profit of SAR 5.9 million in the same period last year.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	33.95	27.20	(19.9 %)
Gross Income	18.19	9.29	(48.9 %)
Operating Income	6.29	(8.03)	(227.7 %)
Net Income	5.93	(7.53)	(226.9 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.06	(0.08)	(226.9 %)

The losses were attributed to lower revenue and higher expenses. The company also noted that the income statement is consolidated with its under-establishment subsidiaries.

The company turned to a net loss of SAR 2.1 million in Q3 2022, against a profit of SAR 1.5 million in Q3 2021.

On a sequential basis, Arab Sea widened losses from SAR 1.9 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	11.72	9.91	(15.4 %)
Gross Income	5.98	4.04	(32.5 %)
Operating Income	1.71	(1.89)	(210.7 %)
Net Income	1.48	(2.06)	(239.1 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.01	(0.02)	(239.1 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	8.38	9.91	18.4 %
Gross Income	2.64	4.04	53.2 %
Operating Income	(2.92)	(1.89)	35.2 %
Net Income	(1.89)	(2.06)	(9.1 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	(0.02)	(0.02)	(9.1 %)

Shareholders’ equity, no minority interest, reached SAR 139.69 million as of Sept. 30, 2022, from SAR 131.914 million a year earlier.

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