Arab Sea Information System Co. announces its Interim consolidated Financial results for the Period Ending on 2025-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 10,020,379 | 7,600,214 | 31.843 | 11,632,502 | -13.858 |
| Gross Profit (Loss) | 3,428,284 | 50,498 | 6,688.95 | 2,148,835 | 59.541 |
| Operational Profit (Loss) | -3,508,013 | -8,180,531 | -57.117 | -5,391,453 | -34.933 |
| Net profit (Loss) | -3,642,613 | -7,983,303 | -54.372 | -5,212,659 | -30.119 |
| Total Comprehensive Income | -3,642,613 | -7,983,303 | -54.372 | -5,212,659 | -30.119 |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 21,652,881 | 16,690,041 | 29.735 |
| Gross Profit (Loss) | 8,395,038 | 151,221 | 5,451.502 |
| Operational Profit (Loss) | -6,077,486 | -15,091,001 | -59.727 |
| Net profit (Loss) | -6,174,792 | -14,952,637 | -58.704 |
| Total Comprehensive Income | -6,174,792 | -14,952,637 | -58.704 |
| Total Shareholders Equity (after Deducting Minority Equity) | 126,586,392 | 112,091,756 | 12.931 |
| Profit (Loss) per Share | -0.06 | -0.15 | |
| 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 | - | - | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | The increase in revenues in the current quarter compared to the same quarter of the previous year is due to:
- A 31.8% increase in revenues in the current quarter compared to the same quarter of the previous year, due to higher revenues from government projects. |
| 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 decrease in net loss in the current quarter compared to the same quarter of the previous year is due to:
- A 54.4% decrease in net loss - A 31.8% increase in revenue due to higher revenue from government projects - A 15.7% decrease in selling and general expenses - A 12.7% decrease in cost of revenue. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The decrease in revenues in the current quarter compared to the previous quarter is due to:
- A 13.8% decrease in revenues |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The decrease in net loss in the current quarter compared to the previous quarter is due to:
- A 30.11% decrease in net loss - A 30.5% decrease in cost of revenue - An 8% decrease in administrative and selling expenses. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | The increase in revenues for the current period compared to the same period last year is due to:
- A 29.7% increase in revenues, due to higher revenues from government projects. |
| 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 decrease in net loss for the current period compared to the same period last year is due to:
- A 58.7% increase in revenues due to higher revenues from government projects. |
| Statement of the type of external auditor's report | Conservation |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | The condensed consolidated statement of financial position includes intangible assets of Arab Sea Information Systems Company, with a net book value of SAR 118.7 million as of June 30, 2025 (December 31, 2024: SAR 120.4 million). Due to the presence of certain indicators of impairment in the value of these intangible assets, and the absence of a recoverable amount assessment as of June 30, 2025, we were unable to obtain sufficient and appropriate audit evidence through alternative procedures regarding the valuation of the intangible assets as of June 30, 2025 . Accordingly, we are unable to determine whether any adjustments are necessary to be recognized in the accompanying condensed consolidated interim financial statements.
We draw attention to Note 1 of the condensed consolidated interim financial statements, which states that the Group has incurred a net loss of SAR 6.2 million for the six-month period ended June 30, 2025. Additionally, the Group’s current liabilities exceeded its current assets, resulting in a working capital deficit of SAR 22.6 million as of that date. These conditions indicate the existence of a material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern. As disclosed in Note 1, management has performed an assessment of the Group’s ability to continue as a going concern and, accordingly, these condensed consolidated interim financial statements have been prepared on a going concern basis. Our conclusion has not been modified in respect of this matter. |
| Reclassification of Comparison Items | We draw attention to Note 19 of the condensed consolidated interim financial statements, which indicates that the comparative information presented as of January 1, 2024 and December 31, 2024, as well as for the three-month and six-month periods ended June 30, 2024, has been restated. Our conclusion has not been modified in respect of this matter. |
| Additional Information | - |
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