Arab Sea Information Systems Co. reported a net loss after Zakat and tax of SAR 3.6 million for Q1 2022, compared to a net profit of SAR 75,000 in the year-earlier period.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 8.87 | 8.91 | 0.5 % |
| Gross Income | 3.96 | 2.61 | (34.1 %) |
| Operating Income | 0.25 | (3.22) | (1394.0 %) |
| Net Income | 0.08 | (3.58) | (4869.3 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.00 | (0.04) | (4869.3 %) |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 23.50 | 8.91 | (62.1 %) |
| Gross Income | 19.31 | 2.61 | (86.5 %) |
| Operating Income | 4.38 | (3.22) | (173.5 %) |
| Net Income | 15.62 | (3.58) | (122.9 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.16 | (0.04) | (122.9 %) |
The losses were due to the increased cost of revenues year-on-year (YoY) on higher wages and other cost components. Selling and administrative expenses surged 57.1% YoY due to higher wages and requirements for establishing Arab Sea Financial Co., a subsidiary.
In addition, Zakat was re-linked for 2019 and 2020, which impacted net profit.
Sequentially, the company turned to a loss from a SAR 11.35 million profit in Q4 2021 on a 62.06% drop in revenues YoY.
Total shareholders’ equity, excluding minority interest, rose 1.3% YoY to SAR 143.639 million.
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