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 1,171.00 957.51 (18.2 %)
Gross Income 214.00 201.22 (6.0 %)
Operating Income 55.00 102.39 86.2 %
Net Income 27.00 121.56 350.2 %
Average Shares 30.00 30.00 -
EPS (Riyals) 0.90 4.05 350.2 %

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 361.00 273.46 (24.3 %)
Gross Income 58.00 69.16 19.2 %
Operating Income (58.00) 32.94 156.8 %
Net Income (69.00) 16.73 124.3 %
Average Shares 30.00 30.00 -
EPS (Riyals) (2.30) 0.56 124.3 %

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.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 122.10 - 16.32 - 4.44 -
Q2 2018 273.42 - 30.05 - 19.70 -
Q3 2018 216.66 - 34.74 - 22.32 -
Q4 2018 273.97 - 52.51 - 39.43 -
Q1 2019 211.22 73.0 % 30.57 87.4 % 18.26 311.3 %
Q2 2019 238.12 (12.9 %) 35.84 19.3 % 19.75 0.3 %
Q3 2019 229.94 6.1 % 33.12 (4.7 %) 20.74 (7.1 %)
Q4 2019 318.23 16.2 % 64.29 22.4 % 49.03 24.4 %
Q1 2020 228.04 8.0 % 37.61 23.0 % 21.92 20.1 %
Q2 2020 319.51 34.2 % 48.37 34.9 % 26.87 36.0 %
Q3 2020 234.81 2.1 % 44.63 34.8 % 27.08 30.6 %
Q4 2020 - - 42.28 (34.2 %) 22.43 (54.3 %)
Q1 2021 143.44 (37.1 %) 32.40 (13.9 %) 14.99 (31.6 %)
Q2 2021 148.16 (53.6 %) 34.85 (28.0 %) 17.98 (33.1 %)
Q3 2021 171.97 (26.8 %) 42.19 (5.5 %) 20.59 (24.0 %)
Q4 2021 175.26 - 57.28 35.5 % 23.70 5.7 %
Q1 2022 106.60 (25.7 %) 28.79 (11.1 %) 8.61 (42.6 %)
Q2 2022 171.03 15.4 % 48.21 38.3 % 21.79 21.2 %
Q3 2022 198.80 15.6 % 52.33 24.0 % 29.30 42.3 %
Q4 2022 313.19 78.7 % 73.44 28.2 % 42.08 77.5 %
Q1 2023 437.48 310.4 % 76.45 165.5 % 54.04 528.0 %
Q2 2023 372.73 117.9 % 78.92 63.7 % 58.93 170.4 %
Q3 2023 361.00 81.6 % 58.00 10.8 % (58.00) (297.9 %)
Q4 2023 288.30 (7.9 %) 32.25 (56.1 %) 6.74 (84.0 %)
Q1 2024 333.51 (23.8 %) 53.94 (29.4 %) 29.90 (44.7 %)
Q2 2024 350.55 (6.0 %) 78.12 (1.0 %) 39.55 (32.9 %)
Q3 2024 273.46 (24.3 %) 69.16 19.2 % 32.94 156.8 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 (1.15) - (0.04) - (1.15) (0.04)
Q2 2018 12.96 - 0.43 - 12.96 0.43
Q3 2018 16.39 - 0.55 - 16.39 0.55
Q4 2018 36.30 - 1.21 - 36.30 1.21
Q1 2019 11.72 1122.1 % 0.39 - 11.72 0.39
Q2 2019 13.01 0.4 % 0.43 - 13.01 0.43
Q3 2019 14.39 (12.2 %) 0.48 - 14.39 0.48
Q4 2019 36.85 1.5 % 1.23 - 36.85 1.23
Q1 2020 16.93 44.4 % 0.56 - 16.93 0.56
Q2 2020 24.41 87.6 % 0.81 - 24.41 0.81
Q3 2020 22.50 56.3 % 0.75 - 22.50 0.75
Q4 2020 17.44 (52.7 %) 0.58 - 17.44 0.58
Q1 2021 9.30 (45.1 %) 0.31 - 9.30 0.31
Q2 2021 13.53 (44.6 %) 0.45 - 13.53 0.45
Q3 2021 14.83 (34.1 %) 0.49 - 14.83 0.49
Q4 2021 18.83 7.9 % 0.63 - 18.83 0.63
Q1 2022 4.60 (50.5 %) 0.15 - 4.60 0.15
Q2 2022 16.85 24.5 % 0.56 - 16.85 0.56
Q3 2022 25.09 69.2 % 0.84 - 25.09 0.84
Q4 2022 49.33 162.0 % 1.64 15.24 34.09 1.14
Q1 2023 46.57 911.9 % 1.55 - 46.57 1.55
Q2 2023 49.50 193.9 % 1.65 - 49.50 1.65
Q3 2023 (69.00) (375.1 %) (2.30) - (69.00) (2.30)
Q4 2023 (12.69) (125.7 %) (0.42) - (12.69) (0.42)
Q1 2024 73.09 57.0 % 2.44 57.53 15.56 0.52
Q2 2024 31.74 (35.9 %) 1.06 16.34 15.40 0.51
Q3 2024 16.73 124.3 % 0.56 2.66 14.07 0.47

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 15.08 % 9.77 % 7.28 %
Q1 2019 15.16 % 10.30 % 7.93 %
Q2 2019 16.35 % 10.71 % 8.24 %
Q3 2019 15.95 % 10.36 % 7.91 %
Q4 2019 16.42 % 10.93 % 7.62 %
Q1 2020 16.84 % 11.12 % 8.00 %
Q2 2020 16.74 % 10.95 % 8.45 %
Q3 2020 17.71 % 11.51 % 9.15 %
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 26.10 % 12.70 % 8.84 %
Q1 2022 27.09 % 12.50 % 8.60 %
Q2 2022 28.24 % 12.68 % 8.82 %
Q3 2022 28.63 % 13.54 % 10.03 %
Q4 2022 25.68 % 13.51 % 10.21 %
Q1 2023 22.35 % 13.59 % 10.94 %
Q2 2023 21.26 % 14.35 % 11.74 %
Q3 2023 19.32 % 6.92 % 4.12 %
Q4 2023 16.83 % 4.67 % 0.99 %
Q1 2024 16.47 % 3.23 % (1.26 %)
Q2 2024 16.68 % 1.82 % (3.83 %)
Q3 2024 18.74 % 9.27 % 2.60 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 - - - -
Q2 2017 - - - -
Q3 2017 - - - -
Q4 2017 - - - -
Q1 2018 30.00 - - 5.26
Q2 2018 30.00 - - 5.34
Q3 2018 30.00 - - 5.91
Q4 2018 30.00 2.15 2.15 6.55
Q1 2019 30.00 2.58 2.58 6.97
Q2 2019 30.00 2.58 2.58 7.37
Q3 2019 30.00 2.51 2.51 7.84
Q4 2019 30.00 2.53 2.53 9.31
Q1 2020 30.00 2.71 2.71 8.54
Q2 2020 30.00 3.09 3.09 9.28
Q3 2020 30.00 3.36 3.36 9.42
Q4 2020 30.00 2.71 2.71 10.82
Q1 2021 30.00 2.45 2.45 10.11
Q2 2021 30.00 2.09 2.09 10.43
Q3 2021 30.00 1.84 1.84 10.24
Q4 2021 30.00 1.88 1.88 11.12
Q1 2022 30.00 1.73 1.73 10.40
Q2 2022 30.00 1.84 1.84 11.03
Q3 2022 30.00 2.18 2.18 10.72
Q4 2022 30.00 3.20 2.69 12.37
Q1 2023 30.00 4.59 4.09 12.72
Q2 2023 30.00 5.68 5.17 14.38
Q3 2023 30.00 2.55 2.04 10.57
Q4 2023 30.00 0.48 0.48 9.56
Q1 2024 30.00 1.35 (0.57) 11.92
Q2 2024 30.00 0.76 (1.70) 13.40
Q3 2024 30.00 3.63 1.08 13.91

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 10.74 10.74 3.76
Q3 2019 10.61 10.61 3.40
Q4 2019 9.35 9.35 2.54
Q1 2020 8.95 8.95 2.84
Q2 2020 9.96 9.96 3.31
Q3 2020 12.97 12.97 4.62
Q4 2020 23.67 23.67 5.93
Q1 2021 40.73 40.73 9.89
Q2 2021 50.58 50.58 10.15
Q3 2021 75.96 75.96 13.62
Q4 2021 67.01 67.01 11.34
Q1 2022 72.90 72.90 12.10
Q2 2022 44.21 44.21 7.36
Q3 2022 43.61 43.61 8.86
Q4 2022 29.17 34.68 7.53
Q1 2023 24.77 27.85 8.95
Q2 2023 27.31 29.99 10.79
Q3 2023 55.68 69.55 13.41
Q4 2023 More than 100 More than 100 14.22
Q1 2024 More than 100 NEG 12.12
Q2 2024 More than 100 NEG 12.24
Q3 2024 53.84 More than 100 14.05

Business Segments (Million)

Compared With The
Period Data sector Maintenance and operation sector Networking Unit Systems Unit Information Technology Security Unit Solutions Unit Business Services Management Unit Subsidiaries
Q1 2018 - 21.13 14.66 20.99 21.58 38.02 5.72 -
Q2 2018 - 41.28 33.30 58.32 39.38 61.20 39.94 -
Q3 2018 - 23.20 13.78 67.81 14.43 74.30 23.14 -
Q4 2018 - 31.83 23.34 78.70 47.58 66.15 26.37 -
Q1 2019 - 23.76 16.53 34.85 25.08 84.70 26.30 -
Q2 2019 - 28.70 36.23 42.84 30.47 82.42 17.45 -
Q3 2019 - 21.16 13.87 104.01 27.03 52.48 11.40 -
Q4 2019 - 52.95 50.67 66.85 54.81 64.15 28.80 -
Q1 2020 - 25.08 56.70 49.15 32.38 48.68 16.04 -
Q2 2020 - 24.13 109.66 56.54 46.60 77.04 5.54 -
Q3 2020 - 30.00 63.90 45.38 23.41 47.20 24.92 -
Q1 2021 - 29.23 30.36 50.19 4.99 6.63 22.04 -
Q2 2021 - 35.01 55.38 30.91 8.62 11.89 6.35 -
Q3 2021 - 44.30 59.52 34.98 17.49 10.04 5.63 -
Q4 2021 - 39.31 54.22 12.44 16.78 19.09 33.42 -
Q1 2022 - 44.08 33.46 10.39 5.11 7.87 5.69 -
Q2 2022 22.93 59.38 41.75 12.60 12.07 12.96 9.36 -
Q3 2022 37.59 52.16 57.49 17.05 12.41 15.81 6.29 -
Q4 2022 80.05 61.29 62.32 53.18 25.26 8.97 22.13 -
Q1 2023 252.20 52.54 62.27 27.96 13.43 23.37 5.70 -
Q2 2023 174.64 100.94 41.59 35.24 14.30 5.27 0.74 -
Q3 2023 102.23 68.74 121.06 41.22 14.40 12.19 1.38 -
Q4 2023 112.62 65.84 76.98 9.72 16.89 5.38 0.86 -
Q1 2024 174.91 56.10 51.02 29.53 8.91 10.65 2.39 -
Q2 2024 127.44 74.02 71.22 33.97 25.94 6.21 4.59 7.15
Q3 2024 94.26 66.27 49.96 17.71 12.22 24.66 4.30 4.09

Analysts Estimates (Million)

Item Q3 2024 (e) Q3 2024 (a) Change‬
Average 35.23 16.73 (52.5 %)

Estimates vs Actual (Million)

Item Q3 2024 (e) Q3 2024 (a) Change
U-Capital 27.70 16.73 (39.6) %
United Securities Company 33.00 16.73 (49.3) %
Al Rajhi Capital 45.00 16.73 (62.8) %

Current
Market Cap (M Riyal) 5,514.00
Enterprise Value (EV) (M) 6,272.21
Shares Outstanding ((M)) 30.00
Book Value (BV) ( Riyal) 13.91
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
Price/book 13.21
Return on Average Assets (%) (TTM) 4.7
Return on Average Equity (%) (TTM) 29.6

Share Price

Al Moammar Information Systems Co. (MIS)

Quarterly Actuals vs Estimates 10/11/2024


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