Riyadh – Mubasher: Arab Sea Information System Company reported SAR 1.73 million in net losses during the first quarter (Q1) of 2020, versus a net profit of SAR 127,838 for the same period in 2019.
The company’s revenues declined during the three-month period by 28% to SAR 6.5 million, from SAR 8.97 million in Q1-19, as shown by the company’s interim financial results.
Arab Sea attributed the lower revenues to the closure of many commercial entities and activities, as part of the precautionary measures against the new coronavirus (COVID-19) pandemic.
