Arab Sea Reports SAR 3.30M Net Loss in Three Months 2026
ARAB SEA 7201.SA | 0.00 |
On 2026-05-12 15:56:47 (Saudi Time), Arab Sea Information System Co. announced its Interim financial results for the three months ended on March 31, 2026.
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 12,910,862 | 11,497,622 | 12.291 | 18,670,248 | -30.847 |
| Gross Profit (Loss) | 5,668,383 | 5,342,153 | 6.106 | 13,426,967 | -57.783 |
| Operational Profit (Loss) | -3,261,001 | -2,194,074 | 48.627 | -9,645,721 | -66.192 |
| Net Profit (Loss) Attributable to Shareholders of the Issuer | -3,298,662 | -2,156,780 | 52.943 | -10,086,294 | -67.295 |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | -3,298,662 | -2,156,780 | 52.943 | -10,195,445 | -67.645 |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 101,949,543 | 122,820,551 | -16.993 |
| Profit (Loss) per Share | -0.03 | -0.02 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | -21,454,987 | 21 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
Year-on-Year Performance Drivers
Sales increased 12.291% YoY to SAR 12.91 million, driven by increased revenues from government projects. However, net loss widened by 52.943% to SAR 3.30 million, primarily due to a 30.44% increase in general and administrative expenses for subsidiary startups and a significant 194.8% surge in financing costs compared to the same quarter of the previous year.
Quarter-on-Quarter Performance Drivers
QoQ revenue declined 30.85% to SAR 12.91 million due to decreased sales of commercial sector systems. Despite the revenue drop, net loss improved 67.30% to SAR 3.30 million from SAR 10.09 million in the previous quarter, primarily driven by a 61.29% reduction in selling, marketing, general and administrative expenses. The previous quarter was also impacted by significant impairment provisions totaling SAR 7.40 million for intangible assets and accounts receivable, compared to only SAR 0.28 million in impairment provisions for the current quarter.
Other Items
The auditors issued an unmodified conclusion but highlighted material uncertainty regarding going concern, noting that "the Group incurred a net loss of SAR 3.3 million for the three-month period ended March 31, 2025" and "the Group's current liabilities exceeded its current assets, resulting in a working capital shortfall of SAR 30.5 million as of that date. These circumstances indicate a material uncertainty that may cast doubt on the Group's ability to continue as a going concern." Accumulated losses reached SAR 21,454,987, representing 21% of capital. The auditors also noted that comparative information for the three-month period ended March 31, 2025, has been restated, and that the Group's previous financial statements were examined by another auditor who issued a modified opinion.
Original announcement:
https://www.saudiexchange.sa/wps/portal/saudiexchange/newsandreports/issuer-news/issuer-announcements/issuer-announcements-details/?anId=95319&anCat=1&cs=7201&locale=arImportant Notice: The announcement information and market data in this report are sourced directly from the Saudi Exchange (Tadawul). This summary is generated by Sahm’s proprietary AI model for informational purposes only. While we strive for accuracy, it should not be construed as financial advice or an investment recommendation.