Al Moammar Information Systems Co. — Interim / Quarterly Report 2021

Oct 25, 2021

Al Moammar Information Systems Co. announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )

7200 · 25/10/2021 15:28:11 · Announcement #65286 · View on Saudi Exchange

Al Moammar Information Systems Co. announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	265.86	234.81	13.223	247.84	7.27
Gross Profit (Loss)	43.42	44.62	-2.689	32.48	33.682
Operational Profit (Loss)	24.81	27.08	-8.382	14.88	66.733
Net Profit (Loss) after Zakat and Tax	19.05	22.5	-15.333	10.43	82.646
Total Comprehensive Income	19.4	24.19	-19.801	9.62	101.663
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	737.16	782.36	-5.777
Gross Profit (Loss)	113.05	130.95	-13.669
Operational Profit (Loss)	61.43	75.87	-19.032
Net Profit (Loss) after Zakat and Tax	45.52	63.84	-28.696
Total Comprehensive Income	45.94	64.36	-28.62
Total Share Holders Equity (after Deducting Minority Equity)	307.29	282.48	8.782
Profit (Loss) per Share	1.82	2.55
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	Revenue from Contracts: The company posted a 13% increase in sales revenue amounting to SAR 265M in the current quarter against SAR 234M in similar quarter of last year. The quarter witnessed a steady progress in completion and acceptance of milestone from the carried forward backlog from previous period and revenue was also recognized from a good pile-up of new orders during Q3-2021.

Gross Profit: MIS posted a gross profit of SAR 43.42M in the current quarter versus SAR 44.62M in the similar period in previous year. The corresponding quarter numbers are comparable without any significant changes.

Selling & marketing expenses were SAR 2.4M in the current quarter versus SAR 2.1M in the same period of previous year. As such the expenses have been consistent.

General & administration expenses were SAR 15.21M in the current quarter versus SAR 13.23M in the same period of previous year. The increase in current quarter is represented by expenses of SAR 558K for MIS' 100% owned subsidiary, SAR 700K for board compensation and general increase in related costs. In the current quarter the company has provided SAR 1M for impairment loss.

Finance Cost amounted to SAR 4.84Million in the current quarter versus SAR 5.15M in the same period of previous year, registering 6% drop.

Net Income (before adding comprehensive income) for the current quarter was SAR 19.05M versus SAR 22.50M during the same period in the previous year. The drop in net income is due to slight change in the sales mix of products, solutions and services & the increase in general administration expenses.The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is The net profit for the current quarter was SAR. 19.05M versus to SAR.10.43M compared to previous quarter, 83% increase. This is mainly due to increase in sales revenue and improved contribution of gross profit from the sales. It also worth noting the point that there has been steady inflow of new orders which supports the increase in revenue.The reason of 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 period was SAR. 45.52M versus to SAR.63.84M compared to previous period. The decrease is mainly attributed to recognition of milestones falling in the subsequent period(s) due to certain orders which have a long projects cycle and timing delay of new project awards during the quarter which will be realized in subsequent period(s)Statement of the type of external auditor's report Unmodified conclusionReclassification of Comparison Items There has been reclassification in some accounts to comply with IAS 1 - Presentation of Financial Statements. Certain prior year amounts have been reclassified to conform with the presentation in the current year.Additional Information During the period, the company incorporated a wholly owned subsidiary "Excellence Medical Systems Company". The subsidiary has not commenced its sales operation as yet.

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