Arab Sea Information Systems Co. reported a net loss after Zakat and tax of SAR 15.9 million for 2020, versus a net profit of SAR 24.2 million a year earlier.
The company attributed the loss to lower revenue on coronavirus pandemic and transfer of SAR 6.5 million from revenues to the deferred revenue account, as per standard 15 of international standards (IFRS).
The firm conducted a study on decreasing the value of intangible assets (impairment) and formed a provision of impairment by SAR 5 million. In addition, a final Zakat assessment was made from 2014 to 2018, and an amount of SAR 1.84 million was charged in 2020.
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Revenues | 38.69 | 24.12 | (37.6 %) |
| Gross Income | 22.41 | 5.31 | (76.3 %) |
| Operating Income | 5.83 | (8.31) | (242.4 %) |
| Net Income | 24.15 | (15.83) | (165.6 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.24 | (0.16) | (165.6 %) |
The firm turned to a net loss after Zakat and tax of SAR 7.9 million in Q4 2020, compared to a net profit of SAR 20.5 million in Q4 2019.
| Item | Q4 2019 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 13.44 | 6.71 | (50.1 %) |
| Gross Income | 9.48 | 2.38 | (74.9 %) |
| Operating Income | 2.76 | (1.54) | (155.9 %) |
| Net Income | 20.53 | (7.81) | (138.1 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.21 | (0.08) | (138.1 %) |
| Item | Q3 2020 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 5.66 | 6.71 | 18.6 % |
| Gross Income | 0.54 | 2.38 | 337.8 % |
| Operating Income | (3.26) | (1.54) | 52.7 % |
| Net Income | (4.44) | (7.81) | (76.1 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | (0.04) | (0.08) | (76.1 %) |
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