Arab Sea Information System Co.’s net loss after Zakat and tax stood at SAR 8 million for the first nine months of 2020, versus net profit of SAR 3.6 million in year-earlier period, driven by a 31.03% slump in revenue, and a 17.58% rise in cost of revenue.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 25.25 | 17.41 | (31.0 %) |
| Gross Income | 12.93 | 2.93 | (77.3 %) |
| Operating Income | 3.07 | (6.76) | (320.0 %) |
| Net Income | 3.62 | (8.02) | (321.8 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.04 | (0.08) | (321.8 %) |
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 7.66 | 5.66 | (26.1 %) |
| Gross Income | 3.11 | 0.54 | (82.5 %) |
| Operating Income | 0.28 | (3.26) | (1247.9 %) |
| Net Income | 0.45 | (4.44) | (1092.6 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.00 | (0.04) | (1092.6 %) |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 5.30 | 5.66 | 6.8 % |
| Gross Income | 0.82 | 0.54 | (33.8 %) |
| Operating Income | (1.85) | (3.26) | (76.0 %) |
| Net Income | (1.86) | (4.44) | (139.1 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | (0.02) | (0.04) | (139.1 %) |
The company reported net loss after Zakat and tax of SAR 4.4 million in Q3 2020, versus net profit of SAR 446,686 in prior-year period, due to 26.08% lower revenue, higher cost of revenue and Zakat settlements.
On a sequential basis, Q3 2020 net loss widened by more than twofold from SAR 1.856 million in Q2 2020.
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