Financial Results : Arab Sea widens losses to SAR 4.9 mln in Q1 2023

Arab Sea widens losses to SAR 4.9 mln in Q1 2023

18/05/2023 Argaam Exclusive

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Arab Sea Information Systems Co. reported a net loss of SAR 4.9 million for Q1 2023, up from SAR 3.6 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 8.91 9.32 4.5 %
Gross Income 2.61 2.60 (0.5 %)
Operating Income (3.22) (4.66) (44.7 %)
Net Income (3.58) (4.90) (36.9 %)
Average Shares 100.00 100.00 -
EPS (Riyals) (0.04) (0.05) (36.9 %)

The rise in losses were attributed to higher general, administrative and operating expenses in the current quarter, including those for establishing wholly-owned subsidiaries Arab Sea Financial Co. and Era Data Information Technology Co.

 

On the other hand, the company recorded a 4.55% year-on-year (YoY) increase in revenues in the three-month period.

 

Sequentially, Arab Sea expanded losses from SAR 2.91 million in Q4 2022, as revenues decreased 31.70% on a quarterly basis.

 

Total shareholders’ equity, no minority interest, fell to SAR 131.38 million as of March 31, 2023, from SAR 143.63 million a year earlier.

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