Financial Results : MIS profit surges to SAR 122M in 9M 2024; Q3 at SAR 17M

MIS profit surges to SAR 122M in 9M 2024; Q3 at SAR 17M

11/11/2024 Argaam Exclusive

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Al Moammar Information Systems Co. (MIS) recorded a net profit of SAR 122 million in the first nine months of 2024, soaring from SAR 27 million in the prior-year period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 1,171.00 958.00 (18.2 %)
Gross Income 214.00 201.00 (6.1 %)
Operating Income 55.00 102.00 85.5 %
Net Income 27.00 122.00 351.9 %
Average Shares 30.00 30.00 -
EPS (Riyals) 0.90 4.07 351.9 %

This was mainly attributed to registering a SAR 77 million gain from disposal of some shares in the associate, Edarat Communications and Information Technology Co., and valuation of data centers units.

 

The company also cited an expected credit loss provision in 9M 2023, which was not recorded at the same amount during the current period.

 

However, revenue dropped 18% to SAR 958 million from SAR 1.17 billion a year ago.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 361.00 274.00 (24.1 %)
Gross Income 58.00 69.00 19.0 %
Operating Income (58.00) 33.00 156.9 %
Net Income (69.00) 17.00 124.6 %
Average Shares 30.00 30.00 -
EPS (Riyals) (2.30) 0.57 124.6 %

In Q3 2024, the company turned to net earnings of SAR 17 million, versus net losses of SAR 69 million in Q3 2023, driven by higher gross profit.

 

Sequentially, Q3 2024 net earnings dropped from SAR 32 million in Q2 2024.

 

Total shareholders’ equity, no minority interest, increased to SAR 417 million as of Sept. 30, 2024, from SAR 317 million in the prior-year period.

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