MIS Profits rise to SR17 mln in Q2, up 24.5%

Al Moammar Information Systems Co. (MIS) revealed that the net profit after zakat and tax in the second quarter increased to SR17 million, compared to SR14 million in the same quarter of last year, at a rate of 24.5%.

This came after the announcement on Thursday of the preliminary financial results for the period ending on 30.06.2022 (six months).

The operational profit amounted to SR22 million in the second quarter, compared to SR18 million in the same quarter of the previous year, an increase of 21%.

The net profit after zakat and tax in the 6-month period amounted to SR21.4 million, compared to SR23 million in the same period last year, a decrease of 6%.

The gross shareholders’ equity “without minority rights” amounted to SR331 million in the current period, compared to SR325.3 million in the same period last year, an increase of 1.7%.

Profits per share in the current period reached SR0.71, compared to SR0.76 in the same period last year.

The reason for the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is:

The company posted sales revenue of SR171.03M in the current quarter against SR148.16M in a similar quarter of last year an increase of 15%. This was mainly due to revenue growth across all lines of business.

The company posted a gross profit of SR48.21M in the current quarter versus SR34.85M in the similar quarter of the previous year, an increase of 38%. This is because of increase in total revenue and gross profit and increase in operational efficiency during the current reporting period.

The net profit for the current quarter is SR16.85M in comparison to SR13.53M in similar quarter of last year, an increase of 25% in current quarter due to revenue growth and increase in operational efficiency during the current reporting period.

The reason for the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is:

The net profit for the current quarter is SR16.85M versus SR4.60M compared to the previous quarter of the current year. This is mainly attributed to growth in revenues and gross profit in comparative periods as a result of revenue growth across all lines of business.

The reason for the increase (decrease) in the net profit during the current period compared to the same period of the last year is:

The net profit for the current half year period SR21.45M has decreased by 6% in comparison to the last half-year period SR22.83M. The reason for the slight drop is mainly due to the decrease in first quarter results with an increase in operational expenses including adjustment in employee compensation, third party professional fees and marketing and promotional expenses incurred and increase in Zakat provision during the current half year.

There has been reclassification in some accounts to comply with IAS 1 – Presentation of Financial Statements. Certain similar quarter of last year amounts have been reclassified to conform to the presentation in the current quarter.