Arab Sea deepens 9M 2023 loss to SAR 17.5 mln; Q3 at SAR 5.8 mln

09/11/2023 Argaam Exclusive

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Arab Sea Information Systems Co. increased its net losses in the first nine months of 2023 to SAR 17.5 million, compared with SAR 7.5 million in the same period last year.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	27.20	22.20	(18.4 %)
Gross Income	9.29	3.12	(66.5 %)
Operating Income	(8.03)	(17.16)	(113.7 %)
Net Income	(7.53)	(17.48)	(132.3 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	(0.08)	(0.17)	(132.3 %)

The losses were due to an 18.4% year-on-year (YoY) slump in revenues, as well as higher administrative and selling expenses by 20.8% YoY.

The company also deepened Q3 2023 losses to SAR 5.8 million from SAR 2 million in Q3 2022, due to a decrease in revenues by 25.8% YoY as well as higher general and selling expenses by 16.5% YoY.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	9.91	7.36	(25.8 %)
Gross Income	4.04	1.11	(72.6 %)
Operating Income	(1.89)	(5.80)	(207.1 %)
Net Income	(2.06)	(5.77)	(180.1 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	(0.02)	(0.06)	(180.1 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	5.52	7.36	33.2 %
Gross Income	0.07	1.11	1527.9 %
Operating Income	(6.70)	(5.80)	13.4 %
Net Income	(6.81)	(5.77)	15.3 %
Average Shares	100.00	100.00	-
EPS (Riyals)	(0.07)	(0.06)	15.3 %

On a quarter-on-quarter basis, the company narrowed Q3 losses from SAR 6.81 million.

Shareholders’ equity, no minority interest, reached SAR 118.8 million as of Sept. 30, 2023, from SAR 139.69 million a year earlier.

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