Arab Sea Information System Co. widened H1 2024 net losses to SAR 15 million, from SAR 11.7 million in the year-earlier period.
| 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.
| 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) | (7.95) | (18.7 %) |
| 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) | (7.95) | (15.0 %) |
| 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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