Financial Results : Arab Sea widens losses to SAR 7.1M in Q1 2024

Arab Sea widens losses to SAR 7.1M in Q1 2024

19/05/2024 Argaam Exclusive

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 Arab Sea Information Systems Co. widened its net loss to SAR 7.1 million for Q1 2024, from SAR 4.9 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 9.32 9.09 (2.4 %)
Gross Income 2.60 0.10 (96.1 %)
Operating Income (4.66) (6.91) (48.2 %)
Net Income (4.90) (7.07) (44.4 %)
Average Shares 100.00 100.00 -
EPS (Riyals) (0.05) (0.07) (44.4 %)

The expanded losses were attributed to a 33.7% increase in the cost of sales.

 

Sequentially, Arab Sea turned to a loss from SAR 7.71 million profit in Q4 2023, as cost of revenue more than tripled during this quarter.

 

Total shareholders’ equity, no minority interest, fell to SAR 119.97 million as of March 31, 2024, from SAR 131.38 million a year earlier.

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