MIS net profit drops 36% to SAR 26.5 mln in H1 2021

25/07/2021 Argaam Exclusive

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Al Moammar Information Systems Co. (MIS) reported a net profit after Zakat and tax of SAR 26.5 million for the first half of 2021, a fall of 36% from SAR 41.3 million in the same period last year.

The decrease is attributed to the recognition of revenues in the subsequent periods of some purchase orders, based on the phases of project implementation and the delivery dates of the new project awards during the current quarter, which will be realized in subsequent periods.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	547.55	291.59	(46.7 %)
Gross Income	86.32	67.25	(22.1 %)
Operating Income	48.79	32.97	(32.4 %)
Net Income	41.34	22.83	(44.8 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	1.38	0.76	(44.8 %)

In Q2 2021, net profit after Zakat and tax plunged 57% year-on-year (YoY) to SAR 10.4 million, hit by a drop in revenue and a slight change in the sales mix of products, solutions and services.

When compared to the previous quarter, net profit fell 35%.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	319.51	148.16	(53.6 %)
Gross Income	48.37	34.85	(28.0 %)
Operating Income	26.87	17.98	(33.1 %)
Net Income	24.41	13.53	(44.6 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.81	0.45	(44.6 %)

Item	Q1 2021	Q2 2021	Change‬
Revenues	143.44	148.16	3.3 %
Gross Income	32.40	34.85	7.5 %
Operating Income	14.99	17.98	20.0 %
Net Income	9.30	13.53	45.5 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.31	0.45	45.5 %

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