Saudi-listed IT provider Arab Sea back to losses 

RIYADH: Saudi-listed Arab Sea Information Systems Co. has turned in losses of SR5.5 million ($1.33 million) in the first half of 2022.

The company erased SR4.4 million in profit from the same period last year, dragged down by higher costs, according to a bourse filing.

The Riyadh-based firm attributed the results to a year-on-year revenue drop of 22 percent to SR17 million.

It added that a rise in selling and administrative expenses by almost 50 percent due to establishing its unit, Arab Sea Financial Co., also weighed on its performance.

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