Arab Sea Information System Co. slid into a deeper loss of SAR 11.7 in H1 2023, compared to SAR 5.5 million in the year before.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 17.29 | 14.84 | (14.2 %) |
| Gross Income | 5.25 | 2.67 | (49.2 %) |
| Operating Income | (6.14) | (11.36) | (85.0 %) |
| Net Income | (5.47) | (11.71) | (114.3 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | (0.05) | (0.12) | (114.3 %) |
The company reported a 14.15% year-on-year (YoY) drop in revenues for the six-month period. Further, general and administrative expenses (G&A) increased 32.68% YoY on additional costs of establishing the company’s subsidiary.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 8.38 | 5.52 | (34.1 %) |
| Gross Income | 2.64 | 0.07 | (97.4 %) |
| Operating Income | (2.92) | (6.70) | (129.6 %) |
| Net Income | (1.89) | (6.81) | (260.8 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | (0.02) | (0.07) | (260.8 %) |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 9.32 | 5.52 | (40.7 %) |
| Gross Income | 2.60 | 0.07 | (97.4 %) |
| Operating Income | (4.66) | (6.70) | (43.6 %) |
| Net Income | (4.90) | (6.81) | (39.1 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | (0.05) | (0.07) | (39.1 %) |
In Q2 2023, the company widened net losses to SAR 6.81 million from SAR 1.89 million in the prior-year period, as revenues dropped 34.05% YoY, with G&A expenses rising by 37.75% YoY in Q2 2023.
Sequentially, the second-quarter net losses increased by 39.1% from SAR 4.90 million due to a 40.72% quarterly fall in revenues.
Shareholders’ equity, no minority interest, climbed to SAR 124.57 million as of June 30, 2023, from SAR 141.75 million a year earlier.
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