Al Moammar Information Systems Co. (MIS) recorded a net profit of SAR 26.7 million in the first nine months of 2023, down from SAR 46.5 million in the prior-year period.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 476.43 | 1,171.42 | 145.9 % |
| Gross Income | 129.33 | 213.53 | 65.1 % |
| Operating Income | 59.70 | 55.00 | (7.9 %) |
| Net Income | 46.53 | 26.66 | (42.7 %) |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 1.55 | 0.89 | (42.7 %) |
The lower profit was attributed to an increase in impairment loss on contract assets and trade receivables during the quarter.
In Q3 2023, the company swung to a net loss of SAR 69.4 million against a net profit of SAR 25 million in Q3 2022.
MIS turned to losses from a net profit of SAR 49.5 million in Q2 2023.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 198.80 | 361.21 | 81.7 % |
| Gross Income | 52.33 | 58.17 | 11.2 % |
| Operating Income | 29.30 | (57.97) | (297.8 %) |
| Net Income | 25.09 | (69.41) | (376.7 %) |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.84 | (2.31) | (376.7 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 372.73 | 361.21 | (3.1 %) |
| Gross Income | 78.92 | 58.17 | (26.3 %) |
| Operating Income | 58.93 | (57.97) | (198.4 %) |
| Net Income | 49.50 | (69.41) | (240.2 %) |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 1.65 | (2.31) | (240.2 %) |
Total shareholders’ equity, no minority interest, declined to SAR 317.12 million as of Sept. 30, 2023, up from SAR 321.61 million in the prior-year period.
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