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 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	361.00	288.30	(20.1 %)
Gross Income	58.00	32.25	(44.4 %)
Operating Income	(58.00)	6.74	111.6 %
Net Income	(69.00)	(12.69)	81.6 %
Average Shares	30.00	30.00	-
EPS (Riyals)	(2.30)	(0.42)	81.6 %

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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