Al Moammar Information Systems Co. (MIS) recorded a net profit leap of 57% to SAR 73.1 million in the first quarter of 2024, from SAR 46.6 million in the prior-year period.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 437.48 | 333.51 | (23.8 %) |
| Gross Income | 76.45 | 53.94 | (29.4 %) |
| Operating Income | 54.04 | 29.90 | (44.7 %) |
| Net Income | 46.57 | 73.09 | 57.0 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 1.55 | 2.44 | 57.0 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 288.30 | 333.51 | 15.7 % |
| Gross Income | 32.25 | 53.94 | 67.3 % |
| Operating Income | 6.74 | 29.90 | 343.8 % |
| Net Income | (12.69) | 73.09 | 676.1 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | (0.42) | 2.44 | 676.1 % |
This growth was mainly attributed to a SAR 57.53 million capital gain recorded by the company from selling a 25% stake in Edarat Company.
Meanwhile, MIS posted a sales revenue of SAR 333.51 million in Q1 2024, down 23.77% year-on-year (YoY).
On a sequential basis, the company turned to profit from a loss of SAR 12.69 million in Q4 2023 on a 15.68% QoQ revenue growth.
Total shareholders’ equity, no minority interest, reached SAR 357.6 million as of March 31, 2024, compared to SAR 381.5 million in the prior-year period.
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