Arab Sea swings to loss of SAR 15.87 mln in 2020

30/03/2021 Argaam Exclusive

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Arab Sea Information Systems Co. reported a net loss after Zakat and tax of SAR 15.9 million for 2020, versus a net profit of SAR 24.2 million a year earlier.

The company attributed the loss to lower revenue on coronavirus pandemic and transfer of SAR 6.5 million from revenues to the deferred revenue account, as per standard 15 of international standards (IFRS).

The firm conducted a study on decreasing the value of intangible assets (impairment) and formed a provision of impairment by SAR 5 million. In addition, a final Zakat assessment was made from 2014 to 2018, and an amount of SAR 1.84 million was charged in 2020.

Financials (M)

Item	2019	2020	Change‬
Revenues	38.69	24.12	(37.6 %)
Gross Income	22.41	5.31	(76.3 %)
Operating Income	5.83	(8.31)	(242.4 %)
Net Income	24.15	(15.83)	(165.6 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.24	(0.16)	(165.6 %)

The firm turned to a net loss after Zakat and tax of SAR 7.9 million in Q4 2020, compared to a net profit of SAR 20.5 million in Q4 2019.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	13.44	6.71	(50.1 %)
Gross Income	9.48	2.38	(74.9 %)
Operating Income	2.76	(1.54)	(155.9 %)
Net Income	20.53	(7.81)	(138.1 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.21	(0.08)	(138.1 %)

Item	Q3 2020	Q4 2020	Change‬
Revenues	5.66	6.71	18.6 %
Gross Income	0.54	2.38	337.8 %
Operating Income	(3.26)	(1.54)	52.7 %
Net Income	(4.44)	(7.81)	(76.1 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	(0.04)	(0.08)	(76.1 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2011	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-
2011	-	-	-	-	-	-
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	-	-	-	-	-	-
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	53.68	-	22.36	-	11.44	-
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	59.33	10.5 %	26.90	20.3 %	11.33	(1.0 %)
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	13.97	-	7.92	-	3.06	-
2015	60.05	1.2 %	25.09	(6.8 %)	6.79	(40.1 %)
Q1 2016	12.58	-	2.96	-	(0.64)	-
Q2 2016	11.31	-	3.46	-	(0.45)	-
Q3 2016	13.08	-	8.60	-	6.06	-
Q4 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 %)
Q1 2017	13.46	7.0 %	4.45	50.1 %	0.75	216.9 %
Q2 2017	11.63	2.9 %	4.02	16.2 %	0.88	295.7 %
Q3 2017	7.78	(40.5 %)	2.11	(75.5 %)	(0.75)	(112.3 %)
Q4 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 %)
Q1 2018	10.12	(24.8 %)	5.38	21.1 %	1.09	44.5 %
Q2 2018	9.90	(14.8 %)	4.88	21.4 %	1.73	97.8 %
Q3 2018	9.64	23.9 %	5.86	177.9 %	1.74	332.5 %
Q4 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 %
Q1 2019	8.97	(11.3 %)	3.94	(26.9 %)	0.00	(100.3 %)
Q2 2019	8.62	(12.9 %)	5.85	19.9 %	2.79	60.9 %
Q3 2019	7.66	(20.6 %)	3.11	(47.0 %)	0.28	(83.6 %)
Q4 2019	13.44	19.7 %	9.48	8.0 %	2.76	(50.6 %)
2019	38.69	(5.4 %)	22.41	(10.0 %)	5.83	(42.5 %)
Q1 2020	6.46	(28.0 %)	1.57	(60.2 %)	(1.65)	(54,933.3 %)
Q2 2020	5.30	(38.6 %)	0.82	(86.0 %)	(1.85)	(166.5 %)
Q3 2020	5.66	(26.1 %)	0.54	(82.5 %)	(3.26)	(1247.9 %)
Q4 2020	6.71	(50.1 %)	2.38	(74.9 %)	(1.54)	(155.9 %)
2020	24.12	(37.6 %)	5.31	(76.3 %)	(8.31)	(242.4 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
2019	38.69	(5.4 %)	22.41	(10.0 %)	5.83	(42.5 %)
2020	24.12	(37.6 %)	5.31	(76.3 %)	(8.31)	(242.4 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2011	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-
2011	-	-	-	-	-	-
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	-	-	-	-	-	-
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	10.15	-	0.10	-	10.15	0.10
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	17.36	71.1 %	0.17	-	17.36	0.17
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	2.77	-	0.03	-	2.77	0.03
2015	5.92	(65.9 %)	0.06	-	5.92	0.06
Q1 2016	(0.73)	-	(0.01)	-	(0.73)	(0.01)
Q2 2016	(0.37)	-	0.00	-	(0.37)	0.00
Q3 2016	5.67	-	0.06	-	5.67	0.06
Q4 2016	0.72	(74.2 %)	0.01	-	0.72	0.01
2016	5.36	(9.4 %)	0.05	-	5.36	0.05
Q1 2017	0.67	191.9 %	0.01	-	0.67	0.01
Q2 2017	0.79	313.2 %	0.01	-	0.79	0.01
Q3 2017	(0.85)	(114.9 %)	(0.01)	-	(0.85)	(0.01)
Q4 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
Q1 2018	0.90	35.4 %	0.01	(0.37)	1.27	0.01
Q2 2018	1.01	28.4 %	0.01	(0.76)	1.77	0.02
Q3 2018	1.12	232.7 %	0.01	(1.06)	2.18	0.02
Q4 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
Q1 2019	0.13	(85.8 %)	0.00	-	0.13	0.00
Q2 2019	3.04	200.2 %	0.03	-	3.04	0.03
Q3 2019	0.45	(60.1 %)	0.00	-	0.45	0.00
Q4 2019	20.53	187.8 %	0.21	18.33	2.20	0.02
2019	24.15	218.7 %	0.24	18.33	5.82	0.06
Q1 2020	(1.73)	(1448.4 %)	(0.02)	-	(1.73)	(0.02)
Q2 2020	(1.86)	(161.0 %)	(0.02)	-	(1.86)	(0.02)
Q3 2020	(4.44)	(1092.6 %)	(0.04)	-	(4.44)	(0.04)
Q4 2020	(7.81)	(138.1 %)	(0.08)	(5.00)	(2.81)	(0.03)
2020	(15.83)	(165.6 %)	(0.16)	(5.00)	(10.83)	(0.11)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
2019	24.15	218.7 %	0.24	18.33	5.82	0.06
2020	(15.83)	(165.6 %)	(0.16)	(5.00)	(10.83)	(0.11)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	41.65 %	36.30 %	18.90 %
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	45.34 %	32.89 %	29.26 %
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	41.78 %	26.54 %	9.85 %
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	45.04 %	34.66 %	14.43 %
Q4 2016	39.57 %	30.62 %	10.19 %
2016	37.98 %	30.85 %	10.35 %
Q1 2017	41.71 %	33.18 %	12.66 %
Q2 2017	42.51 %	35.91 %	14.76 %
Q3 2017	33.66 %	26.10 %	2.77 %
Q4 2017	34.78 %	30.93 %	6.90 %
2017	34.78 %	30.93 %	6.75 %
Q1 2018	39.34 %	34.23 %	8.72 %
Q2 2018	42.81 %	37.50 %	11.28 %
Q3 2018	49.21 %	41.51 %	17.37 %
Q4 2018	60.89 %	51.54 %	24.98 %
2018	60.90 %	51.53 %	24.98 %
Q1 2019	59.01 %	50.42 %	22.82 %
Q2 2019	63.49 %	55.11 %	26.87 %
Q3 2019	59.39 %	54.69 %	23.58 %
Q4 2019	57.82 %	44.83 %	15.04 %
2019	57.93 %	44.85 %	15.04 %
Q1 2020	55.28 %	43.58 %	10.96 %
Q2 2020	45.58 %	34.03 %	(2.84 %)
Q3 2020	40.22 %	24.61 %	(18.85 %)
Q4 2020	22.00 %	13.47 %	(44.91 %)
2020	22.00 %	13.47 %	(44.91 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2019	57.93 %	44.85 %	15.04 %
2020	22.00 %	13.47 %	(44.91 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	56.69 %	38.28 %	19.84 %
Q1 2016	23.56 %	13.99 %	(5.77 %)
Q2 2016	30.58 %	18.17 %	(3.27 %)
Q3 2016	65.77 %	64.94 %	43.37 %
Q4 2016	36.91 %	24.00 %	4.78 %
Q1 2017	33.04 %	25.15 %	4.96 %
Q2 2017	34.54 %	31.04 %	6.78 %
Q3 2017	27.13 %	24.41 %	(10.87 %)
Q4 2017	39.95 %	38.62 %	16.91 %
Q1 2018	53.22 %	38.29 %	12.59 %
Q2 2018	49.25 %	45.13 %	17.90 %
Q3 2018	60.85 %	46.13 %	22.65 %
Q4 2018	78.12 %	73.76 %	44.39 %
Q1 2019	43.89 %	31.66 %	1.43 %
Q2 2019	67.79 %	65.27 %	35.26 %
Q3 2019	40.60 %	41.80 %	5.84 %
Q4 2019	70.53 %	42.23 %	16.39 %
Q1 2020	24.26 %	19.54 %	(26.72 %)
Q2 2020	15.48 %	19.66 %	(35.05 %)
Q3 2020	9.60 %	(6.82 %)	(78.42 %)
Q4 2020	35.43 %	19.87 %	(41.94 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2011	-	-	-	-
Q2 2011	-	-	-	-
Q3 2011	-	-	-	-
Q4 2011	-	-	-	-
Q1 2012	-	-	-	-
Q2 2012	-	-	-	-
Q3 2012	-	-	-	-
Q4 2012	-	-	-	-
Q1 2013	-	-	-	-
Q2 2013	-	-	-	-
Q3 2013	-	-	-	-
Q4 2013	-	-	-	-
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	100.00	-	-	1.83
Q1 2016	100.00	-	-	1.82
Q2 2016	100.00	-	-	1.82
Q3 2016	100.00	0.07	0.07	1.88
Q4 2016	100.00	0.05	0.05	1.88
Q1 2017	100.00	0.07	0.07	1.89
Q2 2017	100.00	0.08	0.08	1.90
Q3 2017	100.00	0.01	0.01	1.89
Q4 2017	100.00	(0.28)	0.03	1.48
Q1 2018	100.00	(0.28)	0.04	1.62
Q2 2018	100.00	(0.28)	0.05	1.58
Q3 2018	100.00	(0.26)	0.08	1.59
Q4 2018	100.00	(0.20)	0.10	1.28
Q1 2019	100.00	(0.21)	0.09	1.28
Q2 2019	100.00	(0.19)	0.10	1.31
Q3 2019	100.00	(0.20)	0.09	1.31
Q4 2019	100.00	0.24	0.06	1.52
Q1 2020	100.00	0.22	0.04	1.50
Q2 2020	100.00	0.17	(0.01)	1.48
Q3 2020	100.00	0.13	(0.06)	1.44
Q4 2020	100.00	(0.16)	(0.11)	1.26

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2019	100.00	0.24	0.06	1.52
2020	100.00	(0.16)	(0.11)	1.26

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	26.45	26.45	0.94
Q2 2017	18.20	18.20	0.75
Q3 2017	92.09	92.09	0.65
Q4 2017	NEG	35.44	0.81
Q1 2018	NEG	28.39	0.71
Q2 2018	NEG	22.16	0.70
Q3 2018	NEG	12.41	0.63
Q4 2018	NEG	12.04	0.96
Q1 2019	NEG	14.67	1.04
Q2 2019	NEG	11.90	0.94
Q3 2019	NEG	11.57	0.76
Q4 2019	9.10	37.77	1.45
Q1 2020	9.84	55.33	1.46
Q2 2020	21.64	NEG	2.54
Q3 2020	53.38	NEG	4.64
Q4 2020	NEG	NEG	6.79

Period	P/E	Adjusted P/E	Price/book
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	NEG	36.22	0.81
2018	NEG	12.04	0.96
2019	9.10	37.77	1.45
2020	NEG	NEG	6.79

Business Segments (Million)

Compared With The

Period	Licenses in use of software and hardware	Maintenance services and technical support
Q3 2020	4.83	0.83

Period	Licenses in use of software and hardware	Maintenance services and technical support
2018	23.40	17.48
2019	35.36	3.33
2020	20.88	3.25

Financial Ratios

	Current
Market Cap (M Riyal)	708.00
Enterprise Value (EV) (M)	705.69
Shares Outstanding ((M))	100.00
EPS ( Riyal) (TTM)	(0.12)
Book Value (BV) ( Riyal)	1.08
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	6.56
Return on Average Assets (%) (TTM)	(8.79 )
Return on Average Equity (%) (TTM)	(10.54 )

Arab Sea Information System Co. (ARAB SEA)

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Arab Sea swings to loss of SAR 15.87 mln in 2020

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Financials (M)

Current Quarter 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) 2020 Q4

Financial Ratios

Share Price

Arab Sea Information System Co. (ARAB SEA)

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Arab Sea swings to loss of SAR 15.87 mln in 2020

View other reports

Financials (M)

Current Quarter 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) Q3 2020

Revenue by Business Segment (Latest) 2020 Q4

Financial Ratios

Share Price

Arab Sea Information System Co. (ARAB SEA)

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Business Segments (Million)