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Arab Sea Information System Co. announces its consolidated Annual Financial Results for the Period Ending on 2022-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 40,847,398 | 57,450,145 | -28.9 | ||
| Gross Profit (Loss) | 19,469,037 | 37,504,743 | -48.09 | ||
| Operational Profit (Loss) | -9,445,787 | 10,670,860 | - | ||
| Net Profit (Loss) after Zakat and Tax | -10,439,023 | 21,549,524 | - | ||
| Total Comprehensive Income | -10,933,045 | 21,232,180 | - | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 136,282,794 | 147,215,839 | -7.43 | ||
| Profit (Loss) per Share | -1.04 | 2.15 | |||
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | 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- General and administrative expenses increased during this year by 43% compared to the previous year. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | do not apply |
| Reclassification of Comparison Items | do not apply |
| Additional Information | We would like to clarify that the reason for the increase in general and administrative expenses during the year 2022 is due to: 1- The company established a subsidiary (Arab Sea Financial Company), where the cost of establishment during the year 2022 amounted to 3,602,186 SR 2- The company established another subsidiary (Era data Information Technology), where the cost of its establishment during the year 2022 was the amount of 5,000,000 SR. The financial impact of the subsidiaries companies will appear as of fiscal year 2023 |
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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