Arab Sea turns to SAR 7.5 mln net loss in 9M 2022; Q3 loss at SAR 2.1 mln

Arab Sea turns to SAR 7.5 mln net loss in 9M 2022; Q3 loss at SAR 2.1 mln

07/11/2022 Argaam Exclusive

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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.



Financials (M)

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.



Current Quarter Comparison (M)

Compared With The
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 %)

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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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 13.97 - 7.92 - 3.06 -
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 %)
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 %
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 %
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 %)
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 %)
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 %
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 %)
Q3 2022 9.91 (15.4 %) 4.04 (32.5 %) (1.89) (210.7 %)


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 - - - - - -
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 2.77 - 0.03 - 2.77 0.03
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
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
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
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
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)
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
Q1 2022 (3.58) (4869.3 %) (0.04) - (3.58) (0.04)
Q2 2022 (1.89) (143.2 %) (0.02) - (1.89) (0.02)
Q3 2022 (2.06) (239.1 %) (0.02) - (2.06) (0.02)

Profitability

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 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 45.04 % 34.66 % 14.43 %
Q4 2016 39.57 % 30.62 % 10.19 %
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 %
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 %
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 %
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 %)
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 %
Q1 2022 62.88 % 33.61 % 10.83 %
Q2 2022 58.17 % 23.12 % (0.07 %)
Q3 2022 56.42 % 16.99 % (7.05 %)


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
Q3 2022 100.00 0.08 (0.04) 1.40

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
Q3 2022 98.35 NEG 5.70

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
Q3 2022 9.55 0.36


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 )
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Share Price

Arab Sea Information System Co.
7.08
0.05 0.71 %

Arab Sea Information System Co. (ARAB SEA)

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