Arab Sea Information Systems Co. (Arab Sea) reported a net loss after Zakat and tax of SAR 1.73 million for the first quarter of 2020, from a net profit of SAR 128,000 in the same period last year.
The losses were attributed to lower revenue on suspending operations in many entities and commercial activities due to the Covid-19 precautionary measures.
When compared to previous quarter’s net profit of SAR 20.53 million, the net losses of Q1 2020 were driven by suspending operations in many entities and commercial activities due to the Covid-19 measures. In addition, the company usually makes the best revenue during the fourth quarter of every year.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 8.97 | 6.46 | (28.0 %) |
| Gross Income | 3.94 | 1.57 | (60.2 %) |
| Operating Income | 0.00 | (1.65) | (54,933.3 %) |
| Net Income | 0.13 | (1.73) | (1448.4 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.00 | (0.02) | (1448.4 %) |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 13.44 | 6.46 | (51.9 %) |
| Gross Income | 9.48 | 1.57 | (83.5 %) |
| Operating Income | 2.76 | (1.65) | (159.8 %) |
| Net Income | 20.53 | (1.73) | (108.4 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.21 | (0.02) | (108.4 %) |
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