MIS to focus on medical investments, indicators positive YTD: Deputy Chairman

Ibrahim Al Moammer, Deputy Chairman of MIS

Al Moammar Information Systems Co. (MIS) will focus on investment in the medical field, Deputy Chairman Ibrahim Al Moammer told Argaam in an exclusive.

The agreement signed with InTouch Health aims to build a digital system in the Kingdom, which will be fully owned by the company, to achieve several objectives.

MIS will provide medical services for beneficiaries under agreements with medical services providers in the public and private sectors through applying the revenue-sharing system and offering services to certain sectors for agreed charges. The company believes that patients can do without 20-30% of in-person medical visits, and depend instead on virtual clinics, Al Moammer said.

Elsewhere, he added that the company is still in the process of selecting the members of the planned investment and development committee, and hopes to complete its formation soon.

Al Moammer explained that MIS is targeting the financial sector, noting that the board of directors agreed to be founding partner in a digital bank, and the healthcare sector.

Other sectors and development works are under study, he affirmed.

The company reported outstanding financial results not only in Q4 2020 but in the full year despite the COVID-19 impact on economic conditions, as new awards and project implementation were delayed, Al Moammer said.

MIS recorded a marginal growth in revenue, and a solid increase in profits and gross profit margins despite higher provisions.

The company has a total debt of SAR 370 million, all of which are related to project implementation and are fully covered from project revenues.

“We are optimistic for 2021. We have ambitious objectives and indicators are positive year to date,” he added.

MIS reported a net profit after Zakat and tax of SAR 90.4 in 2020, a 19% rise from a profit of SAR 76 million a year earlier, Argaam reported.