Arab Sea Information System Co. posted a net profit of SAR 9 million for the first half of 2021, against a net loss of SAR 3.6 million in the prior-year period.
The company’s positive performance was driven by an 89.14% year-on-year (YoY) increase in revenue. Arab Sea also cited a 41.82% YoY decline in the cost of goods sold for the current period, amid higher inventory by the end of the current period.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Revenues | 11.76 | 22.23 | 89.1 % |
| Gross Income | 2.39 | 12.21 | 411.5 % |
| Operating Income | (3.50) | 4.58 | 230.8 % |
| Net Income | (3.58) | 4.45 | 224.2 % |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | (0.04) | 0.04 | 224.2 % |
In Q2 2021, Arab Sea turned to a net profit of SAR 9.4 million against a net loss of SAR 1.86 million a year earlier, driven by a twofold rise YoY in revenue and a decline in the cost of goods sold.
In Q1 2021, the company incurred a net loss of SAR 353,143.
| Item | Q2 2020 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 5.30 | 13.37 | 152.4 % |
| Gross Income | 0.82 | 8.25 | 905.9 % |
| Operating Income | (1.85) | 4.33 | 333.9 % |
| Net Income | (1.86) | 4.37 | 335.7 % |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | (0.02) | 0.04 | 335.7 % |
| Item | Q1 2021 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 8.87 | 13.37 | 50.8 % |
| Gross Income | 3.96 | 8.25 | 108.2 % |
| Operating Income | 0.25 | 4.33 | 1639.8 % |
| Net Income | 0.08 | 4.37 | 5732.0 % |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.00 | 0.04 | 5732.0 % |
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