Financial Results : MIS profit rises to SAR 73.1M in Q1 2024 on Edarat stake sale

MIS profit rises to SAR 73.1M in Q1 2024 on Edarat stake sale

19/05/2024 Argaam Exclusive

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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.



Current Quarter Comparison (M)

Compared With The
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 %

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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