Arab Sea Information Systems Co. swung to a net loss after Zakat and tax of SAR 5.5 million by the end of H1 2022, against a net profit of SAR 4.5 million in the year-ago period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 22.23 | 17.29 | (22.2 %) |
| Gross Income | 12.21 | 5.25 | (57.0 %) |
| Operating Income | 4.58 | (6.14) | (234.0 %) |
| Net Income | 4.45 | (5.47) | (222.8 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.04 | (0.05) | (222.8 %) |
The company reported a revenue drop of 22.24% year-on-year (YoY) and a 49.27% YoY increase in selling and administrative expenses in the current period.
In Q2 2022, the company turned to a net loss after Zakat and tax of SAR 1.9 million, versus a net profit of SAR 4.37 million a year earlier, as revenue declined by 37.34%, while the selling and administrative expenses increased by 41.84%.
On a sequential basis, net losses decreased by 47.2% from SAR 3.58 million on a 4.78% quarter-on-quarter (QoQ) decrease in selling and administrative expenses. Arab Sea also cited a 437.7% QoQ surge in other income.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 13.37 | 8.38 | (37.4 %) |
| Gross Income | 8.25 | 2.64 | (68.0 %) |
| Operating Income | 4.33 | (2.92) | (167.3 %) |
| Net Income | 4.37 | (1.89) | (143.2 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.04 | (0.02) | (143.2 %) |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 8.91 | 8.38 | (6.0 %) |
| Gross Income | 2.61 | 2.64 | 1.0 % |
| Operating Income | (3.22) | (2.92) | 9.5 % |
| Net Income | (3.58) | (1.89) | 47.2 % |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | (0.04) | (0.02) | 47.2 % |
Total shareholders’ equity, after minority interest, rose to SAR 141.75 million as of June 30, 2022, from SAR 130.433 million a year earlier.
Arab Sea attributed the increase in selling and administrative expenses to the higher costs incurred on the establishment of subsidiaries.
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