Financial Results : MIS profit sinks to SAR 14M in 2023; Q4 loss at SAR 12.7M

MIS profit sinks to SAR 14M in 2023; Q4 loss at SAR 12.7M

21/03/2024 Argaam Exclusive

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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.



Financials (M)

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.



Current Quarter Comparison (M)

Compared With The
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 %)

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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