MIS profits jump 70% to SAR 95.8 mln at the end of 2022

Al Moammar Information Systems Co. (MIS) revealed that the net profit after zakat and tax increased during the year ending on December 31 to SAR 95.8 million, compared to SAR 56.4 million in the previous year, at a rate of 69.7%. This came after today’s announcement of the annual financial results ending on 12-31-2022.

The Operational Profit amounted to 101.7 million riyals during the year ending on December 31, compared to SAR 77.2 million in the previous year, a growth of 31.7%.

Total Share Holders Equity (after Deducting Minority Equity) amounted to SAR 371.1 million in the current year, compared to SAR 333.6 million in the previous year, an increase of 11.2%.

Profit per Share in the current year reached SAR 3.2, compared to SAR 1.88 in the previous year.

Al Moammar Information Systems Co. (MIS) posted a sales revenue of SAR. 789.62M in the current year in comparison to SAR. 638.82M for the previous year growth of 24%. The increase is attributed to growth in the company core operation across all products line and services offering.

The company also posted a gross profit of SAR 202.77M in the current year versus SAR 166.72M for the previous year, an increase of 22%, which is attributed by the increase in revenue and continued operational efficiency.

The company has reported a gain on the disposal of some shares held in Edarat amounting to SAR. 15.24 million.

The net profit for the current year is SAR 95.86 million in comparison to SAR. 56.48M for the previous year, an increase of 70% in the current year due to revenue growth and continued operational efficiency during the current reporting year, despite the increase in operational expenses.

It is worth mentioning that the charge to income statement through impairment provisions was significantly reduced to SAR 1.7M in 2022 as compared to SAR 18.4M in the previous year, 2021, due to the improvement in the collection from customers

The total comprehensive income for the current year is SAR. 98.44M in comparison to SAR. 56.21M in the previous year, an increase of 75%.

Additional Information

The company posted Sales Revenue of SAR. 313M in Q4-2022 in comparison to SAR. 175M in Q4-2021, registering a growth of 80%. Further the Income from Operations registered a growth of 78% in Q4-2022 compared to Q4-2021. The Net Income after Zakat grew by 163% to SAR. 49.3M in Q4-2022 in comparison to SAR. 18.7M in Q4-2021.

The company posted Sales Revenue of SAR. 313M in Q4-2022 in comparison to SAR. 198M in Q3-2022, registering a growth of 58%. Further the Income from Operations registered a growth of 44% in Q4-2022 compared to Q3-2022. The Net Income after Zakat grew by 97% to SAR. 49M in Q4-2022 in comparison to SAR. 25M in Q3-2022.