Arab Sea deepens losses to SAR 15M in H1 2024, SAR 8M in Q2

08/08/2024 Argaam Exclusive

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Arab Sea Information System Co. widened H1 2024 net losses to SAR 15 million, from SAR 11.7 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	14.84	16.69	12.5 %
Gross Income	2.67	0.15	(94.3 %)
Operating Income	(11.36)	(14.76)	(29.9 %)
Net Income	(11.71)	(14.95)	(27.7 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	(0.12)	(0.15)	(27.7 %)

The company cited a 17% year-on-year (YoY) increase in general and administrative expenses (G&A) in the current period. The cost of goods sold (COGS) also rose 36% YoY.

On the other hand, sales grew by 12.4% compared to the first half of 2023, driven by better government project revenue.

Arab Sea also widened the second-quarter net losses by 17.2% to SAR 8 million, from SAR 6.8 million in Q2 2023 as G&A rose 21.15% YoY, with COGS also advancing 38.4% YoY.

Meanwhile, sales saw a rise of 37.6% on an annual basis.

Sequentially, net losses also increased compared to SAR 7 million in Q1 2024, hurt by a 16.4% quarter-on-quarter (QoQ) decline in sales.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	5.52	7.60	37.6 %
Gross Income	0.07	0.05	(26.5 %)
Operating Income	(6.70)	(8.18)	(22.2 %)
Net Income	(6.81)	(7.98)	(17.2 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	(0.07)	(0.08)	(17.2 %)

Item	Q1 2024	Q2 2024	Change‬
Revenues	9.09	7.60	(16.4 %)
Gross Income	0.10	0.05	(50.5 %)
Operating Income	(6.91)	(8.18)	(18.4 %)
Net Income	(7.07)	(7.98)	(12.9 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	(0.07)	(0.08)	(12.9 %)

Shareholders’ equity, no minority interest, slumped to SAR 112.09 million as of June 30, 2024, compared to SAR 124.57 million a year earlier.

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