Arab Sea 9M 2024 net loss widens to SAR 19.6M; Q3 at SAR 4.6M

10/11/2024 Argaam Exclusive

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Arab Sea Information System Co. narrowed it net loss to SAR 19.6 million for the first nine months of 2024, compared to SAR 17.5 million in the year-earlier period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	22.20	27.82	25.3 %
Gross Income	3.11	1.42	(54.5 %)
Operating Income	(17.16)	(19.74)	(15.1 %)
Net Income	(17.48)	(19.56)	(11.9 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	(0.17)	(0.20)	(11.9 %)

This came as sales increased by 25.35% year-on-year (YoY) in the nine-month period amid higher revenues from government projects. Further, the 9M 2024 cost of sales surged YoY by 38.38%.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	7.36	11.13	51.4 %
Gross Income	1.11	1.27	14.4 %
Operating Income	(5.80)	(4.65)	19.8 %
Net Income	(5.77)	(4.61)	20.1 %
Average Shares	100.00	100.00	-
EPS (Riyals)	(0.06)	(0.05)	20.1 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	7.60	11.13	46.5 %
Gross Income	0.05	1.27	2433.0 %
Operating Income	(8.18)	(4.65)	43.1 %
Net Income	(7.98)	(4.61)	42.3 %
Average Shares	100.00	100.00	-
EPS (Riyals)	(0.08)	(0.05)	42.3 %

The company trimmed its Q3 2024 net loss to SAR 4.6 million, from SAR 5.8 million in the year-earlier period, as the third-quarter sales climbed by 51.36% YoY due to higher revenues from government projects. The Q3 2024 topline also advanced on an annual basis.

On a sequential basis, net loss shrank from SAR 7.98 million in Q2 2024, thanks to the quarter-on-quarter (QoQ) hike in revenues.

Total shareholders’ equity (no minority interest) slumped to SAR 107.96 million by Sept. 30, 2024, compared to SAR 118.80 million a year earlier.

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