Arab Sea Information Systems Co. swung to a net loss after Zakat and tax of SAR 7.5 million in the first nine months of 2022, against a net profit of SAR 5.9 million in the same period last year.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 33.95 | 27.20 | (19.9 %) |
| Gross Income | 18.19 | 9.29 | (48.9 %) |
| Operating Income | 6.29 | (8.03) | (227.7 %) |
| Net Income | 5.93 | (7.53) | (226.9 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.06 | (0.08) | (226.9 %) |
The losses were attributed to lower revenue and higher expenses. The company also noted that the income statement is consolidated with its under-establishment subsidiaries.
The company turned to a net loss of SAR 2.1 million in Q3 2022, against a profit of SAR 1.5 million in Q3 2021.
On a sequential basis, Arab Sea widened losses from SAR 1.9 million.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 11.72 | 9.91 | (15.4 %) |
| Gross Income | 5.98 | 4.04 | (32.5 %) |
| Operating Income | 1.71 | (1.89) | (210.7 %) |
| Net Income | 1.48 | (2.06) | (239.1 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.01 | (0.02) | (239.1 %) |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 8.38 | 9.91 | 18.4 % |
| Gross Income | 2.64 | 4.04 | 53.2 % |
| Operating Income | (2.92) | (1.89) | 35.2 % |
| Net Income | (1.89) | (2.06) | (9.1 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | (0.02) | (0.02) | (9.1 %) |
Shareholders’ equity, no minority interest, reached SAR 139.69 million as of Sept. 30, 2022, from SAR 131.914 million a year earlier.
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