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Arab Sea Information Systems Company announces its interim consolidated financial results for the period ending on 30-09-2023 (nine months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 7,355,038 | 9,913,257 | -25.81 | 5,523,151 | 33.17 |
| Gross Profit (Loss) | 1,106,558 | 4,040,266 | -72.61 | 67,690 | 1,534.74 |
| Operational Profit (Loss) | -5,801,571 | -1,889,361 | 207.06 | -6,696,220 | -13.36 |
| Net Profit (Loss) after Zakat and Tax | -5,771,590 | -2,060,399 | 180.12 | -6,812,475 | -15.28 |
| Total Comprehensive Income | -5,771,590 | -2,060,399 | 180.12 | -6,812,475 | -15.28 |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 22,196,318 | 27,201,579 | -18.4 |
| Gross Profit (Loss) | 3,772,963 | 9,288,954 | -59.38 |
| Operational Profit (Loss) | -17,160,206 | -8,028,795 | 113.73 |
| Net Profit (Loss) after Zakat and Tax | -17,481,996 | -7,525,520 | 132.3 |
| Total Comprehensive Income | -17,481,996 | -7,525,520 | 132.3 |
| Total Share Holders Equity (after Deducting Minority Equity) | 118,800,798 | 139,690,319 | -14.95 |
| Profit (Loss) per Share | -0.17 | -0.08 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The reason for the increase in net loss during the current quarter compared to the same quarter of the previous year is due to: - decrease in Revenues for the current quarter by 25.8% compared to the same quarter of the previous year. - increase in General and selling expenses by 16.5% compared to the same quarter of the previous year. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | The reason for the decrease in net loss in the current quarter compared to the previous quarter is due to: - Increase in revenues in the current quarter by 33.16% compared to the previous quarter |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The reason for the increase in net loss in the current period compared to the similar period of the previous year is due to: - decrease in revenues by 18.4% compared to the same period of the previous year. - increase in Administrative and selling expenses by 20.8% compared to the same period of the previous year. |
| Statement of the type of external auditor's report | Qualified conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | The condensed interim consolidated statement of financial position as at September 30, 2023 includes intangible assets which certain impairment indicators were identified. Management is currently in the proses of determining recoverable amount of such intangible assets. In absence of such information, we were unable to obtain sufficient and appropriate evidence about the recoverable amount of such intangible assets and if any adjustments are needed to the accompanying condensed interim consolidated financial statements as at and for the nine-month period ended. On September 30, 2023 |
| Reclassification of Comparison Items | Do not apply |
| Additional Information | The company is studying the assessment of the intangible assets, as is its usual practice, in the fourth quarter of every year. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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