Saudi IT provider Arab Sea back to losses as rising costs bite

Saudi IT provider Arab Sea back to losses as rising costs bite
The company had made SR75,071 in profit in the first quarter of last year. (Supplied)
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Updated 17 May 2022
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Saudi IT provider Arab Sea back to losses as rising costs bite

Saudi IT provider Arab Sea back to losses as rising costs bite

RIYADH: Saudi-listed information technology provider Arab Sea Information Systems Co. has turned into losses of SR3.6 million ($0.96 million) in the first quarter.

The company had made SR75,071 in profit in the first quarter of last year even as its sales were slightly lower, according to a bourse filing.

The Riyadh-based firm is now back to losses after it had earlier returned to an annual profit of SR21.5 million as revenue almost doubled in 2021.

Arab Sea attributed the results to a rise in expenses due to higher wages and other cost components, in addition to the cost incurred from establishing its unit, Arab Sea Financial Co.