Arab Sea’s turns to SAR 5.5 mln loss in H1 2022; Q2 at SAR 1.9 mln

11/08/2022 Argaam Exclusive

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Arab Sea Information Systems Co. swung to a net loss after Zakat and tax of SAR 5.5 million by the end of H1 2022, against a net profit of SAR 4.5 million in the year-ago period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	22.23	17.29	(22.2 %)
Gross Income	12.21	5.25	(57.0 %)
Operating Income	4.58	(6.14)	(234.0 %)
Net Income	4.45	(5.47)	(222.8 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.04	(0.05)	(222.8 %)

The company reported a revenue drop of 22.24% year-on-year (YoY) and a 49.27% YoY increase in selling and administrative expenses in the current period.

In Q2 2022, the company turned to a net loss after Zakat and tax of SAR 1.9 million, versus a net profit of SAR 4.37 million a year earlier, as revenue declined by 37.34%, while the selling and administrative expenses increased by 41.84%.

On a sequential basis, net losses decreased by 47.2% from SAR 3.58 million on a 4.78% quarter-on-quarter (QoQ) decrease in selling and administrative expenses. Arab Sea also cited a 437.7% QoQ surge in other income.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	13.37	8.38	(37.4 %)
Gross Income	8.25	2.64	(68.0 %)
Operating Income	4.33	(2.92)	(167.3 %)
Net Income	4.37	(1.89)	(143.2 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.04	(0.02)	(143.2 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	8.91	8.38	(6.0 %)
Gross Income	2.61	2.64	1.0 %
Operating Income	(3.22)	(2.92)	9.5 %
Net Income	(3.58)	(1.89)	47.2 %
Average Shares	100.00	100.00	-
EPS (Riyals)	(0.04)	(0.02)	47.2 %

Total shareholders’ equity, after minority interest, rose to SAR 141.75 million as of June 30, 2022, from SAR 130.433 million a year earlier.

Arab Sea attributed the increase in selling and administrative expenses to the higher costs incurred on the establishment of subsidiaries.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %)
Q1 2021	8.87	37.3 %	3.96	152.8 %	0.25	115.1 %
Q2 2021	13.37	152.4 %	8.25	905.9 %	4.33	333.9 %
Q3 2021	11.72	107.1 %	5.98	1001.7 %	1.71	152.4 %
Q4 2021	23.50	250.2 %	19.31	712.5 %	4.38	384.2 %
2021	57.45	138.2 %	37.51	606.7 %	10.67	228.5 %
Q1 2022	8.91	0.5 %	2.61	(34.1 %)	(3.22)	(1394.0 %)
Q2 2022	8.38	(37.4 %)	2.64	(68.0 %)	(2.92)	(167.3 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %)
2021	57.45	138.2 %	37.51	606.7 %	10.67	228.5 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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)
Q1 2021	0.08	104.3 %	0.00	-	0.08	0.00
Q2 2021	4.37	335.7 %	0.04	-	4.37	0.04
Q3 2021	1.48	133.4 %	0.01	-	1.48	0.01
Q4 2021	15.62	299.9 %	0.16	11.67	3.95	0.04
2021	21.55	236.1 %	0.22	11.67	9.88	0.10
Q1 2022	(3.58)	(4869.3 %)	(0.04)	-	(3.58)	(0.04)
Q2 2022	(1.89)	(143.2 %)	(0.02)	-	(1.89)	(0.02)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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)
2021	21.55	236.1 %	0.22	11.67	9.88	0.10

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %)
Q1 2021	29.03 %	19.60 %	(34.05 %)
Q2 2021	43.73 %	33.07 %	(8.10 %)
Q3 2021	50.58 %	40.55 %	7.66 %
Q4 2021	65.28 %	39.60 %	17.20 %
2021	65.28 %	39.60 %	17.20 %
Q1 2022	62.88 %	33.61 %	10.83 %
Q2 2022	58.17 %	23.12 %	(0.07 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %)
2021	65.28 %	39.60 %	17.20 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %)
Q1 2021	44.69 %	36.22 %	0.85 %
Q2 2021	61.70 %	54.50 %	32.72 %
Q3 2021	51.04 %	39.74 %	12.64 %
Q4 2021	82.20 %	32.32 %	16.81 %
Q1 2022	29.29 %	(2.36 %)	(40.13 %)
Q2 2022	31.49 %	1.18 %	(22.54 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q1 2021	100.00	(0.14)	(0.09)	1.36
Q2 2021	100.00	(0.08)	(0.03)	1.45
Q3 2021	100.00	(0.02)	0.03	1.32
Q4 2021	100.00	0.22	0.10	1.47
Q1 2022	100.00	0.18	0.06	1.44
Q2 2022	100.00	0.12	0.00	1.42

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2021	100.00	0.22	0.10	1.47

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q1 2021	NEG	NEG	7.65
Q2 2021	NEG	NEG	8.60
Q3 2021	NEG	More than 100	12.34
Q4 2021	90.96	More than 100	13.31
Q1 2022	More than 100	More than 100	14.26
Q2 2022	56.04	NEG	4.60

Period	P/E	Adjusted P/E	Price/book
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
2021	90.95	More than 100	13.31

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
Q1 2021	7.83	1.03
Q2 2021	11.17	2.20
Q3 2021	10.71	1.01
Q1 2022	8.37	0.54
Q2 2022	8.03	0.35

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
2021	54.76	2.69

Financial Ratios

	Current
Market Cap (M Riyal)	683.00
Enterprise Value (EV) (M)	680.69
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	6.33
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’s turns to SAR 5.5 mln loss in H1 2022; Q2 at SAR 1.9 mln

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)

Revenue by Business Segment (Latest) 2022 Q2

Financial Ratios

Share Price

Arab Sea Information System Co. (ARAB SEA)

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Arab Sea’s turns to SAR 5.5 mln loss in H1 2022; Q2 at SAR 1.9 mln

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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) Q2 2022

Revenue by Business Segment (Latest) 2022 Q2

Financial Ratios

Share Price

Arab Sea Information System Co. (ARAB SEA)

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Business Segments (Million)