MIS posts 786% surge in 2024 net profit to SAR 124 mln

Al Moammar Information Systems Co. (MIS) reported a 786% jump in net profit to SAR 124 million ($33 million) for 2024, up from SAR 14 million a year earlier, according to its annual financial results released on Saturday.

Operating profit nearly doubled to SAR 121 million, a 95% increase from SAR 62 million in 2023.

Total equity, excluding non-controlling interests, rose 47% to SAR 423 million from SAR 287 million the year before.

Earnings per share surged to SAR 4.15 in 2024 from SAR 0.47 a year earlier.

Revenue declined to SAR 1.21 billion from SAR 1.46 billion in 2023, which the company attributed to divisional operations and the mix between its role as principal and agent in certain transactions.