MIS profit up 70% to SAR 95.9 mln; Q4 at SAR 49.3 mln

Al Moammar Information Systems (MIS) reported a spike of 70% in its annual net profit after Zakat and tax to SAR 95.9 million, from SAR 56.5 million in 2021, thanks to growth in core operations across all products lines and services.

Sales revenue came in at SAR 789.62 million in the current year, compared to SAR 638.82 million in 2021.

The company posted a gross profit of SAR 202.77 million in the current year, compared to SAR 166.72 million in 2021, on an increase in revenue and continued operational efficiency.

MIS reported SAR 15.24 million gains on the disposal of some shares held in its subsidiary, Edarat.

It recorded a decline in impairment provisions to SAR 1.7 million in 2022 from SAR 18.4 million in 2021, due to improvement in collections from customers.

The annual total comprehensive income stood at SAR. 98.44 million, rising 75% from SAR. 56.21 million in 2021.

The fourth-quarter net profit after Zakat and tax more than doubled to SAR 49.3 million, from SAR 18.83 million in Q4 2021.

Compared with the previous quarter, Q4 2022 net earnings leapt 96.6% from SAR 25.09 million. 

Total shareholders’ equity, no minority interest, rose to SAR 371.1 million by the end of 2022, from SAR 333.7 million a year earlier. 

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