Al Moammar H1 2020 net profit surges 67% to SAR 41.3 mln

22/07/2020 Argaam Exclusive

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Al Moammar Information Systems Co. reported a net profit after Zakat and tax of SAR 41.3 million for the first six months of 2020, a 67% increase year-on-year (YoY), compared to SAR 24.7 million in the same period a year earlier.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	449.34	547.55	21.9 %
Gross Income	66.42	86.32	30.0 %
Operating Income	38.01	48.79	28.4 %
Net Income	24.74	41.34	67.1 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.82	1.38	67.1 %

The company attributed the increase to higher sales revenue and savings on financial cost.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	238.12	319.51	34.2 %
Gross Income	35.84	48.37	34.9 %
Operating Income	19.75	26.87	36.0 %
Net Income	13.01	24.41	87.6 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.43	0.81	87.6 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	228.04	319.51	40.1 %
Gross Income	37.61	48.37	28.6 %
Operating Income	21.92	26.87	22.6 %
Net Income	16.93	24.41	44.2 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.56	0.81	44.2 %

Net profit after Zakat and tax in Q2 2020 surged 87.6% YoY to SAR 24.4 million on 34% growth in revenue from contracts. The company also cited gross profit of SAR 48.3 million in the second quarter.

Selling and marketing expenses stood at SAR 2 million in Q2 and general and administrative expenses reached SAR 14.5 million in the same period.

On a quarterly basis, net profit increased 44%, driven by a 40% rise in sales revenue and higher gross profit.

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