Arab Sea swings to net profit of SAR 9 mln in H1 2021

Arab Sea swings to net profit of SAR 9 mln in H1 2021

16/08/2021 Argaam Exclusive

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Arab Sea Information System Co. posted a net profit of SAR 9 million for the first half of 2021, against a net loss of SAR 3.6 million in the prior-year period.

 

The company’s positive performance was driven by an 89.14% year-on-year (YoY) increase in revenue. Arab Sea also cited a 41.82% YoY decline in the cost of goods sold for the current period, amid higher inventory by the end of the current period.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 11.76 22.23 89.1 %
Gross Income 2.39 12.21 411.5 %
Operating Income (3.50) 4.58 230.8 %
Net Income (3.58) 4.45 224.2 %
Average Shares 100.00 100.00 -
EPS (Riyals) (0.04) 0.04 224.2 %

In Q2 2021, Arab Sea turned to a net profit of SAR 9.4 million against a net loss of SAR 1.86 million a year earlier, driven by a twofold rise YoY in revenue and a decline in the cost of goods sold.

 

In Q1 2021, the company incurred a net loss of SAR 353,143.



Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 5.30 13.37 152.4 %
Gross Income 0.82 8.25 905.9 %
Operating Income (1.85) 4.33 333.9 %
Net Income (1.86) 4.37 335.7 %
Average Shares 100.00 100.00 -
EPS (Riyals) (0.02) 0.04 335.7 %

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 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 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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 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

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 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 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2021 100.00 (0.14) (0.09) 1.36
Q2 2021 100.00 (0.08) (0.03) 1.45

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2021 NEG NEG 7.65
Q2 2021 NEG NEG 8.60

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


Financial Ratios
Current
Market Cap (M Riyal) 654.00
Enterprise Value (EV) (M) 651.69
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 6.06
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.
6.54
(0.13) (1.95 %)

Arab Sea Information System Co. (ARAB SEA)

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