Arab Sea Information Systems Co. posted a net profit after zakat and tax of SAR 3.16 million for H1 2019, a rise of 65.45 percent year-on-year (YoY) due to lower cost of sales, and selling and marketing expenses.
The H1 2018 financials implied impairment losses on trade receivables amounting to SAR 1.1 million as compared to no impairment in H1 2019.
|Gross Income||10.26||9.78||(4.6 %)|
|Operating Income||2.82||2.78||(1.3 %)|
|Net Income||1.92||3.17||65.4 %|
|EPS (Riyal)||0.19||0.32||65.4 %|
The Q2 2019 net profit after zakat and tax more than tripled YoY to reach SAR 3.04 million, driven by a decline in the cost of sales along with higher other income.
Net profit surged from SAR 127,838 in Q1 2019 due by a decline in general and administrative expenses as well as lower cost of sales.