RIYADH: Information technology services provider Saudi Arab Sea Information Systems Co. plans to open a new office in Egypt in order to address the rising demand for its systems.
Based in Riyadh, the company said in a bourse filing that the decision was approved by the company’s board of directors on Aug. 17.
It added that any developments will be announced in due course.
Most recently, Arab Sea reported weak earnings for the first half of 2022, turning into losses of SR5.5 million ($1.33 million) from SR4.4 million in profit a year earlier.
The results were attributed to a year-on-year revenue drop of 22 percent to SR17 million, in addition to higher costs from establishing its unit, Arab Sea Financial Co.
