MIS earns SAR 26.7 mln in 9M 2023, posts SAR 69.4 mln loss in Q3 on contract assets, trade receivables

09/11/2023 Argaam Exclusive

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Al Moammar Information Systems Co. (MIS) recorded a net profit of SAR 26.7 million in the first nine months of 2023, down from SAR 46.5 million in the prior-year period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	476.43	1,171.00	145.8 %
Gross Income	129.33	214.00	65.5 %
Operating Income	59.70	55.00	(7.9 %)
Net Income	46.53	27.00	(42.0 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	1.55	0.90	(42.0 %)

The lower profit was attributed to an increase in impairment loss on contract assets and trade receivables during the quarter.

In Q3 2023, the company swung to a net loss of SAR 69.4 million against a net profit of SAR 25 million in Q3 2022.

MIS turned to losses from a net profit of SAR 49.5 million in Q2 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	198.80	361.00	81.6 %
Gross Income	52.33	58.00	10.8 %
Operating Income	29.30	(58.00)	(297.9 %)
Net Income	25.09	(69.00)	(375.1 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.84	(2.30)	(375.1 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	372.73	361.00	(3.1 %)
Gross Income	78.92	58.00	(26.5 %)
Operating Income	58.93	(58.00)	(198.4 %)
Net Income	49.50	(69.00)	(239.4 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	1.65	(2.30)	(239.4 %)

Total shareholders’ equity, no minority interest, declined to SAR 317.12 million as of Sept. 30, 2023, down from SAR 321.61 million in the prior-year period.

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