MIS CEO expects 15% growth in revenues in coming period

Abdullah AlGhamdi, CEO of Al Moammar Information Systems

Al Moammar Information Systems Co.’s (MIS) revenue is likely to continue its growth by no less than 15% year-on-year (YoY) during the coming period, CEO Abdullah AlGhamdi told Argaam.

MIS was awarded about SAR 400 million of contracts for 2024 in all fields, including digital infrastructure, system solutions (such as AI, data science, the IoT, etc.), cybersecurity and its services, managed services, and technologies for monitoring platforms and applications and their solutions.

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AlGhamdi said that the balance of work in progress has reached SAR 2.5 billion, as the company aims to obtain new contracts during 2024 with a growth rate of no less than 15% over the previous year.

MIS’s financial performance improved significantly in Q1 2024, as a result of the company’s stock of work in progress, in addition to the new contracts.

AlGhamdi praised the healthy results, which reflect the positive transformation in the company's performance compared to the previous quarter in terms of revenues and profits.

He pointed out that the subsidiaries are in development and growth stages, which negatively affected net profit.

The boards of FinTech and healthcare technology subsidiaries recently approved plans, where the buy now and pay later product (MIS Pay) works according to the approved strategy to expand the number of customers and deals with stores.

The CEO added that there is growth in the company’s medical business and competitions, and their positive financial impact is projected to appear during the coming periods of the current year.

According to Argaam data, MIS achieved profits of SAR 73.1 million by the end of Q1 2024, compared to profits of SAR 46.6 million achieved during the same period in 2023.