Arab Sea Information Systems Co. widened its net loss to SAR 7.1 million for Q1 2024, from SAR 4.9 million a year earlier.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 9.32 | 9.09 | (2.4 %) |
| Gross Income | 2.60 | 0.10 | (96.1 %) |
| Operating Income | (4.66) | (6.91) | (48.2 %) |
| Net Income | (4.90) | (7.07) | (44.4 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | (0.05) | (0.07) | (44.4 %) |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 18.97 | 9.09 | (52.1 %) |
| Gross Income | 16.91 | 0.10 | (99.4 %) |
| Operating Income | 8.36 | (6.91) | (182.6 %) |
| Net Income | 7.71 | (7.07) | (191.7 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.08 | (0.07) | (191.7 %) |
The expanded losses were attributed to a 33.7% increase in the cost of sales.
Sequentially, Arab Sea turned to a loss from SAR 7.71 million profit in Q4 2023, as cost of revenue more than tripled during this quarter.
Total shareholders’ equity, no minority interest, fell to SAR 119.97 million as of March 31, 2024, from SAR 131.38 million a year earlier.
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