Arab Sea Information Systems Co. turned to a net loss after Zakat and tax of SAR 3.6 million for the first half of 2020 from a net profit of SAR 3.2 million in the same period last year.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 17.59 | 11.76 | (33.2 %) |
| Gross Income | 9.78 | 2.39 | (75.6 %) |
| Operating Income | 2.78 | (3.50) | (225.9 %) |
| Net Income | 3.17 | (3.58) | (213.0 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.03 | (0.04) | (213.0 %) |
The losses were attributed to lower sales driven by the shutdown of many businesses due to the implementation of precautionary measures to limit the spread of the coronavirus and higher cost of sales.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 8.62 | 5.30 | (38.6 %) |
| Gross Income | 5.85 | 0.82 | (86.0 %) |
| Operating Income | 2.79 | (1.85) | (166.5 %) |
| Net Income | 3.04 | (1.86) | (161.0 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.03 | (0.02) | (161.0 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 6.46 | 5.30 | (18.0 %) |
| Gross Income | 1.57 | 0.82 | (47.7 %) |
| Operating Income | (1.65) | (1.85) | (12.2 %) |
| Net Income | (1.73) | (1.86) | (7.5 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | (0.02) | (0.02) | (7.5 %) |
The company turned to a net loss after Zakat and tax of SAR 1.9 million in Q2 2020 from a profit of SAR 3 million a year earlier.
When compared to previous quarter, the company widened its losses in Q2 on lower revenues.
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