Financial Results : Arab Sea loses SAR 17.7M in 2024, earns SAR 1.9M in Q4

Arab Sea loses SAR 17.7M in 2024, earns SAR 1.9M in Q4

27/03/2025 Argaam Exclusive

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Arab Sea Information Systems slid into a deeper loss of SAR 17.7 million in 2024, compared to SAR 9.8 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 41.17 43.31 5.2 %
Gross Income 20.68 17.54 (15.2 %)
Operating Income (8.80) (13.52) (53.7 %)
Net Income (9.77) (17.70) (81.2 %)
Average Shares 100.00 100.00 -
Earnings Per Share before unusual items (Riyals) (0.10) (0.13) (34.8 %)
EPS (Riyal) (0.10) (0.18) (81.2 %)

The company’s losses from subsidiaries increased by 46% year-on-year (YoY) in 2024. It also allocated a SAR 2.95 million provision for impairment in accounts receivable, in addition to other inventory impairment provisions.

 

On the other hand, the annual topline grew by 5.19% YoY in 2024 on better sales from government contracts.

 

In Q4 2024, Arab Sea's net profit tumbled by 76% to SAR 1.9 million, from SAR 7.7 million in Q4 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 18.97 15.45 (18.6 %)
Gross Income 16.91 15.14 (10.5 %)
Operating Income 8.36 7.87 (5.8 %)
Net Income 7.71 1.59 (79.4 %)
Average Shares 100.00 100.00 -
Earnings Per Share before unusual items (Riyal) 0.08 0.06 (20.7 %)
EPS (Riyal) 0.08 0.02 (79.4 %)

Sequentially, however, the company turned to profitmaking versus SAR 4.61 million in losses in Q3 2024.

 

Total shareholders’ equity, no minority interest, reached SAR 121.85 million as of Dec. 31, 2024, down from SAR 127.04 million a year earlier.

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