Financial Results : MIS H1 2023 net profit jumps to SAR 96.1 mln; Q2 at SAR 49.5 mln

MIS H1 2023 net profit jumps to SAR 96.1 mln; Q2 at SAR 49.5 mln

14/08/2023 Argaam Exclusive

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Al Moammar Information Systems Co. (MIS) posted a net profit of SAR 96.1 million for the first half of 2023, a more than four-fold jump from SAR 21.5 million in the same period last year.

 

The company’s H1 2023 earnings were spurred by increased business volume and new purchase orders, compared with the year-ago period.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 277.63 810.21 191.8 %
Gross Income 77.00 155.37 101.8 %
Operating Income 30.40 112.97 271.7 %
Net Income 21.45 96.07 347.9 %
Average Shares 30.00 30.00 -
EPS (Riyals) 0.71 3.20 347.9 %

The company’s H1 2023 earnings were spurred by increased business volume and new purchase orders, compared with the year-ago period.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 171.03 372.73 117.9 %
Gross Income 48.21 78.92 63.7 %
Operating Income 21.79 58.93 170.4 %
Net Income 16.85 49.50 193.9 %
Average Shares 30.00 30.00 -
EPS (Riyals) 0.56 1.65 193.9 %

In Q2 2023, MIS’s net profit more than doubled to SAR 49.5 million, from SAR 16.85 million in the year before. This was due to higher revenues from all products and services, as well as higher operating revenues.

 

On a quarterly basis, net income leapt by 6.3% from SAR 46.57 million in Q1 2023, backed by higher gross profit and profit margin, as well as stronger operating efficiency and lower operating expenses and financing costs.

 

Total shareholders' equity, no minority interest, surged to SAR 431.4 million by the end H1 2023, compared to SAR 331.04 million in the prior-year period.

 

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