Arab Sea deepens losses to SAR 15M in H1 2024, SAR 8M in Q2

08/08/2024 Argaam Exclusive

Arab Sea Information System Co. widened H1 2024 net losses to SAR 15 million, from SAR 11.7 million in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 14.84 16.69 12.5 %
Gross Income 2.67 0.15 (94.3 %)
Operating Income (11.36) (14.76) (29.9 %)
Net Income (11.71) (14.95) (27.7 %)
Average Shares 100.00 100.00 -
EPS (Riyals) (0.12) (0.15) (27.7 %)

The company cited a 17% year-on-year (YoY) increase in general and administrative expenses (G&A) in the current period. The cost of goods sold (COGS) also rose 36% YoY.

 

On the other hand, sales grew by 12.4% compared to the first half of 2023, driven by better government project revenue.

 

Arab Sea also widened the second-quarter net losses by 17.2% to SAR 8 million, from SAR 6.8 million in Q2 2023 as G&A rose 21.15% YoY, with COGS also advancing 38.4% YoY.

 

Meanwhile, sales saw a rise of 37.6% on an annual basis.

 

Sequentially, net losses also increased compared to SAR 7 million in Q1 2024, hurt by a 16.4% quarter-on-quarter (QoQ) decline in sales.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 5.52 7.60 37.6 %
Gross Income 0.07 0.05 (26.5 %)
Operating Income (6.70) (8.18) (22.2 %)
Net Income (6.81) (7.98) (17.2 %)
Average Shares 100.00 100.00 -
EPS (Riyals) (0.07) (0.08) (17.2 %)

Shareholders’ equity, no minority interest, slumped to SAR 112.09 million as of June 30, 2024, compared to SAR 124.57 million a year earlier.

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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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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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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q4 2022 13.65 (41.9 %) 10.18 (47.3 %) (1.42) (132.3 %)
Q1 2023 9.32 4.5 % 2.60 (0.5 %) (4.66) (44.7 %)
Q2 2023 5.52 (34.1 %) 0.07 (97.4 %) (6.70) (129.6 %)
Q3 2023 7.36 (25.8 %) 1.11 (72.6 %) (5.80) (207.1 %)
Q4 2023 18.97 39.0 % 16.91 66.1 % 8.36 690.1 %
Q1 2024 9.09 (2.4 %) 0.10 (96.1 %) (6.91) (48.2 %)
Q2 2024 7.60 37.6 % 0.05 (26.5 %) (8.18) (22.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
Q4 2022 (2.91) (118.7 %) (0.03) - (2.91) (0.03)
Q1 2023 (4.90) (36.9 %) (0.05) - (4.90) (0.05)
Q2 2023 (6.81) (260.8 %) (0.07) - (6.81) (0.07)
Q3 2023 (5.77) (180.1 %) (0.06) - (5.77) (0.06)
Q4 2023 7.71 364.7 % 0.08 - 7.71 0.08
Q1 2024 (7.07) (44.4 %) (0.07) - (7.07) (0.07)
Q2 2024 (7.98) (17.2 %) (0.08) - (7.98) (0.08)

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 %)
Q2 2024 42.23 % 3.20 % (30.49 %)


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
Q2 2024 100.00 (0.13) (0.13) 1.12

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
Q2 2024 NEG NEG 6.51

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
Q3 2023 7.66 -
Q4 2023 15.24 3.74
Q1 2024 8.20 0.89
Q2 2024 7.68 -

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