Arab Sea deepens H1 2023 loss to SAR 11.7 mln, Q2 at SAR 6.8 mln

10/08/2023 Argaam Exclusive

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Arab Sea Information System Co. slid into a deeper loss of SAR 11.7 in H1 2023, compared to SAR 5.5 million in the year before.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	17.29	14.84	(14.2 %)
Gross Income	5.25	2.67	(49.2 %)
Operating Income	(6.14)	(11.36)	(85.0 %)
Net Income	(5.47)	(11.71)	(114.3 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	(0.05)	(0.12)	(114.3 %)

The company reported a 14.15% year-on-year (YoY) drop in revenues for the six-month period. Further, general and administrative expenses (G&A) increased 32.68% YoY on additional costs of establishing the company’s subsidiary.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	8.38	5.52	(34.1 %)
Gross Income	2.64	0.07	(97.4 %)
Operating Income	(2.92)	(6.70)	(129.6 %)
Net Income	(1.89)	(6.81)	(260.8 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	(0.02)	(0.07)	(260.8 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	9.32	5.52	(40.7 %)
Gross Income	2.60	0.07	(97.4 %)
Operating Income	(4.66)	(6.70)	(43.6 %)
Net Income	(4.90)	(6.81)	(39.1 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	(0.05)	(0.07)	(39.1 %)

In Q2 2023, the company widened net losses to SAR 6.81 million from SAR 1.89 million in the prior-year period, as revenues dropped 34.05% YoY, with G&A expenses rising by 37.75% YoY in Q2 2023.

Sequentially, the second-quarter net losses increased by 39.1% from SAR 4.90 million due to a 40.72% quarterly fall in revenues.

Shareholders’ equity, no minority interest, climbed to SAR 124.57 million as of June 30, 2023, from SAR 141.75 million a year earlier.

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