Arab Sea Records Net Profit of SR1.2 Million during the 3Q

Arab Sea Information System Company recorded a net profit after zakat and tax of SR1.18 million during the 3Q, compared to losses of SR4.44 million during the same quarter of the previous year.

This came after Arab Sea Information System Company announcement on Thursday of its interim financial results for the period ending on September 30-2021(Nine Months).

The operational profit amounted to SR1.38 million during the 3Q, compared to losses of SR3.26 million during the same quarter of the previous year.

The gross profit amounted to SR5.68 million during the 3Q, compared to SR543 thousand during the same quarter of the previous year, an increase of 945.8%.

The net profit after zakat and tax during the current period amounted to SR10.2 million, compared to losses of SR8 million during the same period of the previous year.

Profits per share during the current period amounted to SR1.02, compared to losses of SR0.8 during the same period of the previous year.

The reason for the increase in net profit during the current quarter compared to the same quarter of the previous year is due to the increase in the company revenues in the current quarter by 107.13% over the same quarter of the previous year.

The reason for the decrease in net profit during the current quarter compared to the previous quarter is due to the decrease in revenues in the current quarter by 12.32% compared to the previous quarter of this year.

The reason for the increase in net profit during the current period compared to the same period of the previous year is due to

– Revenues for the current period increased by 94.98 % over the same period of the previous year.

– A decrease in the cost of revenues for the current period compared to the same period of the previous year by 20.67%.

The comparative figures presented for the year ended December 31, 2020 have been reclassified to conform to the presentation and classification for the current period.

The company’s interim condensed financial statements for the three and nine-month periods ending on September 30, 2020, were examined by another auditor, who expressed an unmodified conclusion on those interim condensed financial statements on November 08, 2020. The company’s financial statements for the year ended in December 31, 2020 by another auditor who expressed an unmodified opinion on these financial statements on March 29, 2021.