Financial Results : MIS H1 2022 net profit down 6% to SAR 21.5 mln; Q2 at SAR 16.9 mln

MIS H1 2022 net profit down 6% to SAR 21.5 mln; Q2 at SAR 16.9 mln

25/08/2022 Argaam Exclusive

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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.



Financials (M)

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. 



Current Quarter Comparison (M)

Compared With The
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 %

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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