Riyadh – Mubasher: Arab Sea Information System Company reported a 60.15% year-on-year profit decline during the third quarter of the fiscal year 2019.

Net profits after zakat and tax stood at SAR 446,686 in Q3-19, compared to SAR 1.12 million in Q3-18, according to a bourse statement released on Thursday.

The decline in the company’s revenue was ascribed to the decrease in revenues and the increase in its costs, the statement revealed.

In the first nine months of 2019, Arab Sea’s net profit grew to SAR 3.61 million, from SAR 3 million a year earlier.

Earnings per share recorded SAR 0.36 during the January-September period, against SAR 0.3 in the year-ago period.