2023-08-11 10:21:06
Arabian Sea Information Systems Company records an increase in net losses by 260.8% during the second quarter of 2023 on an annual basis.
Arab Sea Information Systems Pavilion in one of the exhibitions (archives)
The net losses of Arabian Sea Information Systems Company, listed in the Saudi market, increased by 260%, to reach 6.8 million riyals in the second quarter of this year, compared to losses of 1.9 million riyals in the same period last year.
The company attributed the increase in losses to the decline in sales by 34%, to reach regarding 5.5 million riyals, in addition to the increase in general and administrative expenses by 38%.
In terms of interim results, the company’s net losses increased by 114%, to reach regarding 11.7 million riyals in the first half of this year, compared to losses of regarding 5.5 million riyals in the same period last year.
The company had announced, earlier, the start of operations of its subsidiary, “Arab Sea Financial”, which will also contribute to an increase in revenues during the coming period.
And at the beginning of this month, the American newspaper “Bloomberg” reported that a major measure of borrowing costs in the Kingdom of Saudi Arabia had risen to a record level, which may affect economic diversification projects that have become the main engine of growth amid cuts in oil production.
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