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

Jul 25, 2021

Al Moammar Information Systems Co. announces its Interim Financial Results for the Period Ending on 2021-06-30 ( Six Months )

7200 · 25/07/2021 15:32:18 · Announcement #64242 · View on Saudi Exchange

Al Moammar Information Systems Co. announces its Interim Financial Results for the Period Ending on 2021-06-30 ( Six Months )

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	247.84	319.51	-22.431	223.46	10.91
Gross Profit (Loss)	32.48	48.37	-32.85	37.14	-12.547
Operational Profit (Loss)	14.88	26.87	-44.622	21.73	-31.523
Net Profit (Loss) after Zakat and Tax	10.43	24.41	-57.271	16.04	-34.975
Total Comprehensive Income	9.62	22.15	-56.568	16.92	-43.144
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	471.3	547.55	-13.925
Gross Profit (Loss)	69.63	86.32	-19.335
Operational Profit (Loss)	36.62	48.79	-24.943
Net Profit (Loss) after Zakat and Tax	26.47	41.34	-35.97
Total Comprehensive Income	26.55	40.17	-33.905
Total Share Holders Equity (after Deducting Minority Equity)	312.9	308.35	1.475
Profit (Loss) per Share	1.06	1.65
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 sales revenue of SAR. 247.84M in the current quarter against SAR. 319.51M in similar quarter of last year. 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).

Gross Profit: MIS posted a gross profit of SAR 32.48M in the current quarter versus SAR 48.37M in the similar period in previous year. The reason for decrease in gross margin contribution was due to drop in revenue.

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 14.3M in the current quarter versus SAR 14.5M in the same period of previous year, with no major changes.

Finance Cost amounted to SAR 4.8Million in the current quarter versus SAR 4.6M in the same period of previous year, with no major changes.

Net Income (before adding comprehensive income) for the current quarter was SAR 10.43M versus SAR 24.41M during the same period in the previous year. This is mainly due to drop in revenue; and slight change in the sales mix of products, solutions and servicesThe 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. 10.43M versus to SAR.16.04M compared to previous quarter. 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).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 quarter was SAR. 26.47M versus to SAR.41.34M compared to previous quarter. 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.

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