Arab Sea posts 65% profit surge in H1 2019

Arab Sea posts 65% profit surge in H1 2019

04/08/2019 Argaam Exclusive

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Arab Sea Information Systems Co. posted a net profit after zakat and tax of SAR 3.16 million for H1 2019, a rise of 65.45 percent year-on-year (YoY) due to lower cost of sales, and selling and marketing expenses.

 

The H1 2018 financials implied impairment losses on trade receivables amounting to SAR 1.1 million as compared to no impairment in H1 2019.



Financials (M)

Item 6m 2018 6m 2019 Change‬
Revenues 20.02 17.59 (12.1 %)
Gross Income 10.26 9.78 (4.6 %)
Operating Income 2.82 2.78 (1.3 %)
Net Income 1.92 3.17 65.4 %
Average Shares 100.00 100.00 -
EPS (Riyals) 0.02 0.03 65.4 %

The Q2 2019 net profit after zakat and tax more than tripled YoY to reach SAR 3.04 million, driven by a decline in the cost of sales along with higher other income. 

 

Net profit surged from SAR 127,838 in Q1 2019 due by a decline in general and administrative expenses as well as lower cost of sales. 



Current Half Annual Comparison (M)

Compared With The
Item H1 2018 H1 2019 Change‬
Revenues 9.90 8.62 (12.9 %)
Gross Income 4.88 5.85 19.9 %
Operating Income 1.73 2.79 60.9 %
Net Income 1.01 3.04 200.2 %
Average Shares 100.00 100.00 -
EPS (Riyals) 0.01 0.03 200.2 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2010 - - - - - -
H2 2010 - - - - - -
H1 2011 - - - - - -
H2 2011 - - - - - -
H1 2012 - - - - - -
H2 2012 - - - - - -
H1 2013 - - - - - -
H2 2013 - - - - - -
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 13.97 - 7.92 - 3.06 -
H1 2016 11.31 - 3.46 - (0.45) -
H2 2016 14.97 7.2 % 5.53 (30.2 %) 1.14 (62.7 %)
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 %
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 %
H1 2019 8.62 (12.9 %) 5.85 19.9 % 2.79 60.9 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2010 - - - - - -
H2 2010 - - - - - -
H1 2011 - - - - - -
H2 2011 - - - - - -
H1 2012 - - - - - -
H2 2012 - - - - - -
H1 2013 - - - - - -
H2 2013 - - - - - -
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 2.77 - 0.03 - 2.77 0.03
H1 2016 (0.37) - 0.00 - (0.37) 0.00
H2 2016 0.72 (74.2 %) 0.01 - 0.72 0.01
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
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
H1 2019 3.04 200.2 % 0.03 - 3.04 0.03

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 39.57 % 30.62 % 10.19 %
H1 2017 42.51 % 35.91 % 14.76 %
H2 2017 34.78 % 30.93 % 6.90 %
H1 2018 42.81 % 37.50 % 11.28 %
H2 2018 60.89 % 51.54 % 24.98 %
H1 2019 63.49 % 55.11 % 26.87 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
H1 2019 100.00 (0.19) 0.10 1.31

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
H1 2019 NEG 11.90 0.94

Business Segments (Million)

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


Financial Ratios
Current
Market Cap (M Riyal) 708.00
Enterprise Value (EV) (M) 704.33
Shares Outstanding ((M)) 100.00
Book Value (BV) ( Riyal) 1.27
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) Neg
Price/book 5.57
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