MIS’ audited profit drops SAR 10.9M to SAR 105M in H1 2024

11/08/2024 Argaam Exclusive

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Al Moammar Information Systems Co. (MIS) made an audited net profit of SAR 105 million in the first half of 2024, compared to SAR 96 million in the corresponding period of 2023.

On Aug, 11, the IT firm posted a preliminary net profit of SAR 116 million. The variation was attributed to the additional expenses related to finance costs that reached SAR 10.9 million.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	810.21	684.05	(15.6 %)
Gross Income	155.37	132.06	(15.0 %)
Operating Income	112.97	69.45	(38.5 %)
Net Income	96.07	104.83	9.1 %
Average Shares	30.00	30.00	-
EPS (Riyals)	3.20	3.49	9.1 %

This was attributed to recording SAR 80 million earnings from the disposal of some shares in its associate company, Edarat, and the valuation of data centers units. However, revenues declined by 16% year-on-year (YoY) on lower revenues from some operations.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	372.73	350.55	(6.0 %)
Gross Income	78.92	78.12	(1.0 %)
Operating Income	58.93	39.55	(32.9 %)
Net Income	49.50	31.74	(35.9 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	1.65	1.06	(35.9 %)

Item	Q1 2024	Q2 2024	Change‬
Revenues	333.51	350.55	5.1 %
Gross Income	53.94	78.12	44.8 %
Operating Income	29.90	39.55	32.3 %
Net Income	73.09	31.74	(56.6 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	2.44	1.06	(56.6 %)

In Q2 2024, MIS net profit fell 35.4% to SAR 32 million from SAR 49.50 million in Q2 2023 on a 6% YoY revenue decline, lower gross profit, as well as higher operating and financing costs.

On a quarterly basis, net income fell from SAR 73.09 million in Q1 2024.

Total shareholders' equity, no minority interest as of Aug. 11, reached SAR 413 million by the end of H1 2024, down from SAR 431 million in the prior-year period.

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