Saudi IT firm Arab Sea swings into profit in 2021 as revenue more than doubles

RIYADH: Saudi IT firm Arab Sea Information System Co. swung into SR21.5 million ($5.7 million) profit in 2021 as revenue doubled.

The Riyadh-based company erased losses of SR15.8 million from a year earlier, according to a bourse filing.

This came as revenue more than doubled to SR57.5 million, compared to SR24 million in 2020, the company said.

It attributed the results to “recovering the impairment in the value of intangible assets amounting to SR11.67 million.”

Saudi IT firm Arab Sea swings into profit in 2021 as revenue more than doubles
Source: Viral Real Articles