Arab Sea Information System Co. reported a net profit after Zakat and tax of SAR 10.2 million for the first nine months of 2021, against a net loss after Zakat and tax of SAR 8 million in the prior-year period.
The profit was attributed to higher revenue and a decrease in the cost of revenue year-on-year (YoY).
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 17.41 | 33.95 | 95.0 % |
| Gross Income | 2.93 | 18.19 | 520.6 % |
| Operating Income | (6.76) | 6.29 | 193.0 % |
| Net Income | (8.02) | 5.93 | 174.0 % |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | (0.08) | 0.06 | 174.0 % |
In Q32021, Arab Sea turned to a net profit after Zakat and tax of SAR 1.2 million from a net loss after Zakat and tax of SAR 4.4 million in the year-earlier period, driven by a 107% increase YoY in revenue.
On a sequential basis, the company reported a profit compared to a net loss of SAR 9.37 million in Q2 2021.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 5.66 | 11.72 | 107.1 % |
| Gross Income | 0.54 | 5.98 | 1001.7 % |
| Operating Income | (3.26) | 1.71 | 152.4 % |
| Net Income | (4.44) | 1.48 | 133.4 % |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | (0.04) | 0.01 | 133.4 % |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 13.37 | 11.72 | (12.3 %) |
| Gross Income | 8.25 | 5.98 | (27.5 %) |
| Operating Income | 4.33 | 1.71 | (60.6 %) |
| Net Income | 4.37 | 1.48 | (66.1 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.04 | 0.01 | (66.1 %) |
Total shareholders’ equity, excluding minority equity, edged up 1.7% YoY to SAR 146.5 million as of Sept. 30, 2021.
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