MIS Q3 2022 results show continued business improvement, govt contracts dominate 65% of revenues: CEO

Abdullah AlGhamdi, CEO of Al Moammar Information Systems Co.

Al Moammar Information Systems Co.'s (MIS) Q3 2022 financials reflect significant and continuous improvement in the company's business, CEO Abdullah AlGhamdi told Argaamin a phone call. 

He added that the contracts signed with government agencies constitute up to 65% of the firm's Q3 revenues.  

AlGhamdi expected this growth and improvement to continue momentum over the coming period due to the company's ability to transform a strong share of business and contracts into revenues to improve the efficiency of operations. 

  The value of under-way projects amounted to SAR 2.4 billion in Q3 2022, the top executive said, predicting the company to secure new projects worth SAR 400-500 million in Q4 2022. 

Touching on the research cooperation project and technical patents with NEOM, AlGhamdi said this aims to provide proposals, consultation and auditing services, as well as establish applied research cooperation with the research institutions.  

The project’s outputs will go in line with NEOM’s goals in the field of emerging technology, cognitive computing, and artificial general intelligence.  

Further, the CEO forecast the fourth quarter will witness strong performance and business growth compared to the previous quarters. He added that this will continue until 2023, supported by strong balance of projects in the pipeline as well as expected new projects in light of strong growth of Saudi economy as well as robust demand for communications and information technology.