Arab Sea widens losses to SAR 7.1M in Q1 2024

Arab Sea widens losses to SAR 7.1M in Q1 2024

19/05/2024 Argaam Exclusive

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 Arab Sea Information Systems Co. widened its net loss to SAR 7.1 million for Q1 2024, from SAR 4.9 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 9.32 9.09 (2.4 %)
Gross Income 2.60 0.10 (96.1 %)
Operating Income (4.66) (6.91) (48.2 %)
Net Income (4.90) (7.07) (44.4 %)
Average Shares 100.00 100.00 -
EPS (Riyals) (0.05) (0.07) (44.4 %)

The expanded losses were attributed to a 33.7% increase in the cost of sales.

 

Sequentially, Arab Sea turned to a loss from SAR 7.71 million profit in Q4 2023, as cost of revenue more than tripled during this quarter.

 

Total shareholders’ equity, no minority interest, fell to SAR 119.97 million as of March 31, 2024, from SAR 131.38 million a year earlier.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2015 - - - - - - -
Q2 2015 - - - - - - -
Q3 2015 - - - - - - -
Q4 2015 13.97 - 7.92 - 2.77 - 0.03
Q1 2016 12.58 - 2.96 - (0.73) - (0.01)
Q2 2016 11.31 - 3.46 - (0.37) - 0.00
Q3 2016 13.08 - 8.60 - 5.67 - 0.06
Q4 2016 14.97 7.2 % 5.53 (30.2 %) 0.72 (74.2 %) 0.01
Q1 2017 13.46 7.0 % 4.45 50.1 % 0.67 191.9 % 0.01
Q2 2017 11.63 2.9 % 4.02 16.2 % 0.79 313.2 % 0.01
Q3 2017 7.78 (40.5 %) 2.11 (75.5 %) (0.85) (114.9 %) (0.01)
Q4 2017 16.54 10.5 % 6.61 19.6 % (28.60) (4094.0 %) (0.29)
Q1 2018 10.12 (24.8 %) 5.38 21.1 % 0.90 35.4 % 0.01
Q2 2018 9.90 (14.8 %) 4.88 21.4 % 1.01 28.4 % 0.01
Q3 2018 9.64 23.9 % 5.86 177.9 % 1.12 232.7 % 0.01
Q4 2018 11.23 (32.1 %) 8.77 32.7 % (23.38) 18.2 % (0.23)
Q1 2019 8.97 (11.3 %) 3.94 (26.9 %) 0.13 (85.8 %) 0.00
Q2 2019 8.62 (12.9 %) 5.85 19.9 % 3.04 200.2 % 0.03
Q3 2019 7.66 (20.6 %) 3.11 (47.0 %) 0.45 (60.1 %) 0.00
Q4 2019 13.44 19.7 % 9.48 8.0 % 20.53 187.8 % 0.21
Q1 2020 6.46 (28.0 %) 1.57 (60.2 %) (1.73) (1448.4 %) (0.02)
Q2 2020 5.30 (38.6 %) 0.82 (86.0 %) (1.86) (161.0 %) (0.02)
Q3 2020 5.66 (26.1 %) 0.54 (82.5 %) (4.44) (1092.6 %) (0.04)
Q4 2020 6.71 (50.1 %) 2.38 (74.9 %) (7.81) (138.1 %) (0.08)
Q1 2021 8.87 37.3 % 3.96 152.8 % 0.08 104.3 % 0.00
Q2 2021 13.37 152.4 % 8.25 905.9 % 4.37 335.7 % 0.04
Q3 2021 11.72 107.1 % 5.98 1001.7 % 1.48 133.4 % 0.01
Q4 2021 23.50 250.2 % 19.31 712.5 % 15.62 299.9 % 0.16
Q1 2022 8.91 0.5 % 2.61 (34.1 %) (3.58) (4869.3 %) (0.04)
Q2 2022 8.38 (37.4 %) 2.64 (68.0 %) (1.89) (143.2 %) (0.02)
Q3 2022 9.91 (15.4 %) 4.04 (32.5 %) (2.06) (239.1 %) (0.02)
Q4 2022 13.65 (41.9 %) 10.18 (47.3 %) (2.91) (118.7 %) (0.03)
Q1 2023 9.32 4.5 % 2.60 (0.5 %) (4.90) (36.9 %) (0.05)
Q2 2023 5.52 (34.1 %) 0.07 (97.4 %) (6.81) (260.8 %) (0.07)
Q3 2023 7.36 (25.8 %) 1.11 (72.6 %) (5.77) (180.1 %) (0.06)
Q4 2023 18.97 39.0 % 16.91 66.1 % 7.71 364.7 % 0.08
Q1 2024 9.09 (2.4 %) 0.10 (96.1 %) (7.07) (44.4 %) (0.07)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q4 2022 47.66 % 7.70 % (25.56 %)
Q1 2023 47.16 % 5.43 % (28.51 %)
Q2 2023 43.98 % (4.96 %) (43.45 %)
Q3 2023 38.93 % (15.97 %) (56.90 %)
Q4 2023 50.24 % 9.61 % (23.73 %)
Q1 2024 44.42 % 4.48 % (29.17 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2022 100.00 (0.10) (0.10) 1.36
Q1 2023 100.00 (0.12) (0.12) 1.31
Q2 2023 100.00 (0.17) (0.17) 1.25
Q3 2023 100.00 (0.20) (0.20) 1.19
Q4 2023 100.00 (0.10) (0.10) 1.27
Q1 2024 100.00 (0.12) (0.12) 1.20

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2022 NEG NEG 4.70
Q1 2023 NEG NEG 6.07
Q2 2023 NEG NEG 6.50
Q3 2023 NEG NEG 5.31
Q4 2023 NEG NEG 5.53
Q1 2024 NEG NEG 5.91

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
Q4 2022 11.76 1.88
Q1 2023 8.79 0.52
Q2 2023 5.28 0.24
Q4 2023 15.24 3.74
Q1 2024 8.20 0.89


Financial Ratios
Current
Market Cap (M Riyal) 722.00
Enterprise Value (EV) (M) 719.17
Shares Outstanding ((M)) 100.00
EPS ( Riyal) (TTM) (0.12)
Book Value (BV) ( Riyal) 1.20
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 6.02
Return on Average Assets (%) (TTM) (8.40 )
Return on Average Equity (%) (TTM) (9.50 )
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Share Price

Arab Sea Information System Co.
7.15
(0.04) (0.56 %)

Arab Sea Information System Co. (ARAB SEA)

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