Al Moammar Information Systems Co. (MIS) recorded a net profit slump of 85% to SAR 14 million in 2023, compared to SAR 95.9 million in 2022.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 789.62 | 1,459.72 | 84.9 % |
| Gross Income | 202.77 | 245.78 | 21.2 % |
| Operating Income | 101.78 | 61.74 | (39.3 %) |
| Net Income | 95.86 | 13.97 | (85.4 %) |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 3.20 | 0.47 | (85.4 %) |
The profit dip was attributed to an increase of SAR 87.45 million in the non-cash provision for impairment losses on contracts assets and trade receivables, compared to SAR 1.70 million in 2022.
On the other hand, revenues grew by 85% to SAR 1.45 billion in 2023, compared to SAR 789.62 million a year earlier.
MIS also recorded operating profits of SAR 61.74 million in 2023, compared to SAR 101.78 million in 2022.
In Q4 2023, MIS swung to a net loss of SAR 12.7 million, against a net profit of SAR 49.3 million in the prior-year period.
Net losses narrowed from SAR 69.4 million in Q3 2023.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 313.19 | 288.30 | (7.9 %) |
| Gross Income | 73.44 | 32.25 | (56.1 %) |
| Operating Income | 42.08 | 6.74 | (84.0 %) |
| Net Income | 49.33 | (12.69) | (125.7 %) |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 1.64 | (0.42) | (125.7 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 361.21 | 288.30 | (20.2 %) |
| Gross Income | 58.17 | 32.25 | (44.6 %) |
| Operating Income | (57.97) | 6.74 | 111.6 % |
| Net Income | (69.41) | (12.69) | 81.7 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | (2.31) | (0.42) | 81.7 % |
Total shareholders’ equity, no minority interest, dropped to SAR 286.89 million as of Dec. 31, 2023, from SAR 371.1 million in the prior-year period.
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