Al Moammar Information Systems Co.’s (MIS) net profit after Zakat and tax fell 6% to SAR 21.5 million in H1 2022, compared to SAR 22.8 million in the year-ago period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 291.59 | 277.63 | (4.8 %) |
| Gross Income | 67.25 | 77.00 | 14.5 % |
| Operating Income | 32.97 | 30.40 | (7.8 %) |
| Net Income | 22.83 | 21.45 | (6.0 %) |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.76 | 0.71 | (6.0 %) |
The profit decline is attributed to weak first-quarter results amid an increase in operating expenses, including higher employee compensation, third-party professional fees and marketing and promotional expenses. MIS also noted an increase in Zakat provision during the current period.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 148.16 | 171.03 | 15.4 % |
| Gross Income | 34.85 | 48.21 | 38.3 % |
| Operating Income | 17.98 | 21.79 | 21.2 % |
| Net Income | 13.53 | 16.85 | 24.5 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.45 | 0.56 | 24.5 % |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 106.60 | 171.03 | 60.4 % |
| Gross Income | 28.79 | 48.21 | 67.4 % |
| Operating Income | 8.61 | 21.79 | 153.2 % |
| Net Income | 4.60 | 16.85 | 266.0 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.15 | 0.56 | 266.0 % |
In Q2 2022, the company’s net profit after Zakat and tax rose 25% to SAR 16.9 million, from SAR 13.5 million in the corresponding period of 2021, driven by higher revenue across all lines of business.
Sequentially, the company’s net profit surged 266% from SAR 4.6 million in Q1 2022.
Total shareholders’ equity, after minority interest, increased to SAR 331.04 million by the end of the six-month period, from SAR 325.35 million a year earlier.
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