Arab Sea trims losses by 17% in FY18

23/04/2019 Argaam Exclusive

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Arab Sea Information System Co. narrowed net losses after zakat and tax by 16.6 percent year-on-year (YoY) to SAR 23.4 million for the FY ending Dec. 31, 2018, on an intangible asset impairment of SAR 25 million.

The company also cited an impairment of SAR 5.5 million on the implementation of the IFRS 9.

Financials (M)

Item	2017	2018	Change‬
Revenues	49.41	40.88	(17.3 %)
Gross Income	17.18	24.90	44.9 %
Operating Income	4.63	10.14	118.9 %
Net Income	(28.06)	(20.34)	27.5 %
Average Shares	100.00	100.00	-
Earnings Per Share before unusual items	0.03	0.10	206.2 %
EPS (Riyals)	(0.28)	(0.20)	27.5 %

Current Half Annual Comparison (M)

Compared With The

Item	H2 2017	H2 2018	Change‬
Revenues	16.54	11.23	(32.1 %)
Gross Income	6.61	8.77	32.7 %
Operating Income	3.75	5.58	48.9 %
Net Income	(28.60)	(23.38)	18.2 %
Average Shares	100.00	100.00	-
Earnings Per Share before unusual items	0.03	0.05	78.1 %
EPS (Riyals)	(0.29)	(0.23)	18.2 %

Item	H1 2018	H2 2018	Change‬
Revenues	9.90	11.23	13.4 %
Gross Income	4.88	8.77	79.9 %
Operating Income	1.73	5.58	222.4 %
Net Income	1.01	(23.38)	(2408.0 %)
Average Shares	100.00	100.00	-
Earnings Per Share before unusual items	0.02	0.05	181.1 %
EPS (Riyals)	0.01	(0.23)	(2408.0 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
H1 2009	-	-	-	-	-	-
H2 2009	-	-	-	-	-	-
2009	-	-	-	-	-	-
H1 2010	-	-	-	-	-	-
H2 2010	-	-	-	-	-	-
2010	-	-	-	-	-	-
H1 2011	-	-	-	-	-	-
H2 2011	-	-	-	-	-	-
2011	-	-	-	-	-	-
H1 2012	-	-	-	-	-	-
H2 2012	-	-	-	-	-	-
2012	-	-	-	-	-	-
H1 2013	-	-	-	-	-	-
H2 2013	-	-	-	-	-	-
2013	53.68	-	22.36	-	11.44	-
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	59.33	10.5 %	26.90	20.3 %	11.33	(1.0 %)
H1 2015	-	-	-	-	-	-
H2 2015	13.97	-	7.92	-	3.06	-
2015	60.05	1.2 %	25.09	(6.8 %)	6.79	(40.1 %)
H1 2016	11.31	-	3.46	-	(0.45)	-
H2 2016	14.97	7.2 %	5.53	(30.2 %)	1.14	(62.7 %)
2016	51.78	(13.8 %)	19.67	(21.6 %)	6.19	(8.9 %)
H1 2017	11.63	2.9 %	4.02	16.2 %	0.88	295.7 %
H2 2017	16.54	10.5 %	6.61	19.6 %	3.75	228.2 %
2017	49.41	(4.6 %)	17.18	(12.6 %)	4.63	(25.2 %)
H1 2018	9.90	(14.8 %)	4.88	21.4 %	1.73	97.8 %
H2 2018	11.23	(32.1 %)	8.77	32.7 %	5.58	48.9 %
2018	40.88	(17.3 %)	24.90	44.9 %	10.14	118.9 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2009	-	-	-	-	-	-
2010	-	-	-	-	-	-
2011	-	-	-	-	-	-
2012	-	-	-	-	-	-
2013	53.68	-	22.36	-	11.44	-
2014	59.33	10.5 %	26.90	20.3 %	11.33	(1.0 %)
2015	60.05	1.2 %	25.09	(6.8 %)	6.79	(40.1 %)
2016	51.78	(13.8 %)	19.67	(21.6 %)	6.19	(8.9 %)
2017	49.41	(4.6 %)	17.18	(12.6 %)	4.63	(25.2 %)
2018	40.88	(17.3 %)	24.90	44.9 %	10.14	118.9 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	Earnings Per Share before unusual items
H1 2009	-	-	-	-	-	-
H2 2009	-	-	-	-	-	-
2009	-	-	-	-	-	-
H1 2010	-	-	-	-	-	-
H2 2010	-	-	-	-	-	-
2010	-	-	-	-	-	-
H1 2011	-	-	-	-	-	-
H2 2011	-	-	-	-	-	-
2011	-	-	-	-	-	-
H1 2012	-	-	-	-	-	-
H2 2012	-	-	-	-	-	-
2012	-	-	-	-	-	-
H1 2013	-	-	-	-	-	-
H2 2013	-	-	-	-	-	-
2013	10.15	-	0.10	-	10.15	0.10
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	17.36	71.1 %	0.17	-	17.36	0.17
H1 2015	-	-	-	-	-	-
H2 2015	2.77	-	0.03	-	2.77	0.03
2015	5.92	(65.9 %)	0.06	-	5.92	0.06
H1 2016	(0.37)	-	0.00	-	(0.37)	0.00
H2 2016	0.72	(74.2 %)	0.01	-	0.72	0.01
2016	5.36	(9.4 %)	0.05	-	5.36	0.05
H1 2017	0.79	313.2 %	0.01	-	0.79	0.01
H2 2017	(28.60)	(4094.0 %)	(0.29)	(31.40)	2.80	0.03
2017	(28.06)	(623.4 %)	(0.28)	(31.40)	3.34	0.03
H1 2018	1.01	28.4 %	0.01	(0.76)	1.77	0.02
H2 2018	(23.38)	18.2 %	(0.23)	(28.36)	4.98	0.05
2018	(20.34)	27.5 %	(0.20)	(30.56)	10.21	0.10

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	Earnings Per Share before unusual items
2009	-	-	-	-	-	-
2010	-	-	-	-	-	-
2011	-	-	-	-	-	-
2012	-	-	-	-	-	-
2013	10.15	-	0.10	-	10.15	0.10
2014	17.36	71.1 %	0.17	-	17.36	0.17
2015	5.92	(65.9 %)	0.06	-	5.92	0.06
2016	5.36	(9.4 %)	0.05	-	5.36	0.05
2017	(28.06)	(623.4 %)	(0.28)	(31.40)	3.34	0.03
2018	(20.34)	27.5 %	(0.20)	(30.56)	10.21	0.10

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2009	-	-	-
H2 2009	-	-	-
2009	-	-	-
H1 2010	-	-	-
H2 2010	-	-	-
2010	-	-	-
H1 2011	-	-	-
H2 2011	-	-	-
2011	-	-	-
H1 2012	-	-	-
H2 2012	-	-	-
2012	-	-	-
H1 2013	-	-	-
H2 2013	-	-	-
2013	41.65 %	36.30 %	18.90 %
H1 2014	-	-	-
H2 2014	-	-	-
2014	45.34 %	32.89 %	29.26 %
H1 2015	-	-	-
H2 2015	-	-	-
2015	41.78 %	26.54 %	9.85 %
H1 2016	-	-	-
H2 2016	39.57 %	30.62 %	10.19 %
2016	37.98 %	30.85 %	10.35 %
H1 2017	42.51 %	35.91 %	14.76 %
H2 2017	34.78 %	30.93 %	6.90 %
2017	34.78 %	30.93 %	6.75 %
H1 2018	42.81 %	37.50 %	11.28 %
H2 2018	60.89 %	51.54 %	24.98 %
2018	60.90 %	51.53 %	24.98 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	41.65 %	36.30 %	18.90 %
2014	45.34 %	32.89 %	29.26 %
2015	41.78 %	26.54 %	9.85 %
2016	37.98 %	30.85 %	10.35 %
2017	34.78 %	30.93 %	6.75 %
2018	60.90 %	51.53 %	24.98 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2009	-	-	-
H2 2009	-	-	-
H1 2010	-	-	-
H2 2010	-	-	-
H1 2011	-	-	-
H2 2011	-	-	-
H1 2012	-	-	-
H2 2012	-	-	-
H1 2013	-	-	-
H2 2013	-	-	-
H1 2014	-	-	-
H2 2014	-	-	-
H1 2015	-	-	-
H2 2015	56.69 %	38.28 %	19.84 %
H1 2016	30.58 %	18.17 %	(3.27 %)
H2 2016	36.91 %	24.00 %	4.78 %
H1 2017	34.54 %	31.04 %	6.78 %
H2 2017	39.95 %	38.62 %	16.91 %
H1 2018	49.25 %	45.13 %	17.90 %
H2 2018	78.12 %	73.76 %	44.39 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
H1 2009	-	-	-	-
H2 2009	-	-	-	-
H1 2010	-	-	-	-
H2 2010	-	-	-	-
H1 2011	-	-	-	-
H2 2011	-	-	-	-
H1 2012	-	-	-	-
H2 2012	-	-	-	-
H1 2013	-	-	-	-
H2 2013	-	-	-	-
H1 2014	-	-	-	-
H2 2014	-	-	-	-
H1 2015	-	-	-	-
H2 2015	100.00	-	-	1.83
H1 2016	100.00	-	-	1.82
H2 2016	100.00	0.05	0.05	1.88
H1 2017	100.00	0.08	0.08	1.90
H2 2017	100.00	(0.28)	0.03	1.48
H1 2018	100.00	(0.28)	0.05	1.58
H2 2018	100.00	(0.20)	0.10	1.28

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
2009	-	-	-	-
2010	-	-	-	-
2011	-	-	-	-
2012	-	-	-	-
2013	100.00	0.10	0.10	1.61
2014	100.00	0.17	0.17	1.77
2015	100.00	0.06	0.06	1.83
2016	100.00	0.05	0.05	1.88
2017	100.00	(0.28)	0.03	1.48
2018	100.00	(0.20)	0.10	1.28

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
H1 2009	-	-	-
H2 2009	-	-	-
H1 2010	-	-	-
H2 2010	-	-	-
H1 2011	-	-	-
H2 2011	-	-	-
H1 2012	-	-	-
H2 2012	-	-	-
H1 2013	-	-	-
H2 2013	-	-	-
H1 2014	-	-	-
H2 2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
H1 2017	18.20	18.20	0.75
H2 2017	NEG	35.44	0.81
H1 2018	NEG	22.16	0.70
H2 2018	NEG	12.04	0.96

Period	P/E	Adjusted P/E	Price/book
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	NEG	36.22	0.81
2018	NEG	12.04	0.96

Business Segments (Million)

Compared With The

Period	Licenses in use of software and hardware	Maintenance services and technical support

Period	Licenses in use of software and hardware	Maintenance services and technical support
2018	23.40	17.48

Financial Ratios

	Current
Market Cap (M Riyal)	555.00
Enterprise Value (EV) (M)	550.15
Shares Outstanding ((M))	100.00
Book Value (BV) ( Riyal)	1.22
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	Neg
Price/book	4.55

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Arab Sea trims losses by 17% in FY18

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Financials (M)

Current Half Annual Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2018 Q4

Financial Ratios

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Arab Sea trims losses by 17% in FY18

View other reports

Financials (M)

Current Half Annual Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) 2018

Revenue by Business Segment (Latest) 2018 Q4

Financial Ratios

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Business Segments (Million)