Financial Results : Arab Sea trims 2023 losses to SAR 9.8M, Q4 net profit at SAR 7.7M

Arab Sea trims 2023 losses to SAR 9.8M, Q4 net profit at SAR 7.7M

31/03/2024 Argaam Exclusive

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Arab Sea Information System Co. (Arab Sea) narrowed net losses to SAR 9.8 million in 2023, from SAR 10.4 million a year earlier, due to a 0.79% higher revenue year-on-year (YoY) and a 6.24% increase YoY in gross profit.



Financials (M)

Item 2022 2023 Change‬
Revenues 40.85 41.17 0.8 %
Gross Income 19.47 20.68 6.2 %
Operating Income (9.45) (8.80) 6.8 %
Net Income (10.44) (9.77) 6.4 %
Average Shares 100.00 100.00 -
Earnings Per Share before unusual items (0.10) (0.10) 6.4 %
EPS (Riyals) (0.10) (0.10) 6.4 %

Q4 2023 net profit stood at SAR 7.7 million, versus a net loss of SAR 2.91 million in Q3 2023.

 

On a sequential basis, the company turned to profit from SAR 5.77 million loss in Q3 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 13.65 18.97 39.0 %
Gross Income 10.18 16.91 66.1 %
Operating Income (1.42) 8.36 690.1 %
Net Income (2.91) 7.71 364.7 %
Average Shares 100.00 100.00 -
Earnings Per Share before unusual items (0.03) 0.08 364.7 %
EPS (Riyals) (0.03) 0.08 364.7 %

Total shareholders’ equity, no minority interest, stood at SAR 127.04 million by Dec. 31, 2023, compared to SAR 136.28 million a year ago.

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