‎“Arab Sea” records losses of SR10.4 mln during 2022‎

Arab Sea Information Systems Company recorded losses after zakat and tax of 10.4 million riyals during the year 2022 AD, compared to a profit of 21.5 million riyals in the year 2021 AD. This came after the announcement today of the annual financial results ending on 12-31-2022. ,.

The operational loss amounted to 9.44 million riyals during the year ending in 2022, compared to a profit of 11 million riyals in the previous year.

As for gross profits, it amounted to 19.5 million riyals in the current year, compared to 37.5 million riyals in the previous year, a decrease of 48%.

The loss per share in the current year amounted to 1.04 riyals, compared to a profit of 2.15 riyals in the previous year.

The reason for the decrease in net profit during this year compared to the previous year is due to the following:

1- Revenues decreased during this year by 28.89% compared to the previous year.

2- An increase in general and administrative expenses during this year by 43% compared to the previous year.

The company explained that the reason for the increase in general and administrative expenses during the year 2022 is due to:

1- The company established a subsidiary company (Bahr Al-Arab Capital), where the cost of incorporation during the year 2022 AD was the amount of 3,602,186 Saudi riyals

2- The company established another subsidiary (Bayat Al-Asr Company for Information Technology), where the cost of its establishment during the year 2022 was the amount of 5,000,000 Saudi riyals.

It said in a statement today on “Tadawul” that the financial impact of the subsidiaries will appear as of the fiscal year 2023 AD.