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

Apr 25, 2021

Al Moammar Information Systems Co. announces its Interim Financial Results for the Period Ending on 2021-03-31 ( Three Months )

7200 · 25/04/2021 15:30:49 · Announcement #62985 · View on Saudi Exchange

Al Moammar Information Systems Co. announces its Interim Financial Results for the Period Ending on 2021-03-31 ( Three Months )

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	223.46	228.04	-2.008	234.31	-4.63
Gross Profit (Loss)	37.15	37.61	-1.223	49.38	-24.767
Operational Profit (Loss)	21.73	21.92	-0.866	31.53	-31.081
Net Profit (Loss) after Zakat and Tax	16.04	16.93	-5.256	26.54	-39.562
Total Comprehensive Income	16.92	18.02	-6.104	25.87	-34.596
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Total Share Holders Equity (after Deducting Minority Equity)	303.27	256.14	18.4
Profit (Loss) per Share	0.8	0.85
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	The Company’s performance in Q1-2021 was reasonably good, however the sales revenue registered a slight drop compared to Q1-2020, where the Net Income reached SAR 16.04M in comparison to SAR 16.93M in the similar period during Q1-2020. Following is a brief explanation:

Revenue from Contracts: MIS has posted a quarter on quarter revenue drop of 2%, despite a strong backlog carried forward from the previous year. The reason for the decrease is mainly attributed to milestones falling in the subsequent period(s) due to certain orders which have a long projects cycle.

Gross Profit: MIS posted a gross profit of SAR 37.15M in the current quarter versus SAR 37.61M in the similar period in previous year, registering a slight decrease of 1.22%. The gross margin levels stayed consistent during the comparable period at 16.6%, however the reason for decrease in gross margin contribution was due to the slight drop in revenue

Selling & marketing expenses were SAR 2.65M in the current quarter versus SAR 3.21M in the same period of previous year, registering a decrease of 17.5%. Such a decrease is attributed to general decrease in marketing and other related expenses

General & administration expenses were SAR 12.59M in the current quarter versus SAR 12.49M in the same period of previous year, with no major changes.

Finance Cost amounted to SAR 5.08Million in the current quarter versus SAR 4.30M in the same period of previous year, registering a increase of 18%. This is mainly attributed to notional discounting interest required to be reported by IFRS 9 for long term receivables

Net Income (before adding comprehensive income) for the current quarter was SAR 16.04M versus SAR 16.93M during the same period in the previous year. This is mainly due to the slight decrease in sales revenue and relatively slight increase in expensesThe reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is The sales revenue registered a drop in Q1-2021 compared to Q4-2020, where the Net Income reached SAR 16.04M in comparison to SAR 26.54M in the previous quarter of 2020. Following is a brief explanation:

Revenue from Contracts: MIS has posted a quarter on quarter revenue drop of 4.63%, despite a strong backlog carried forward from the previous year. The reason for the decrease is mainly attributed to milestones falling in the subsequent period(s) due to certain orders which have a long projects cycle.

Gross Profit: MIS posted a gross profit of SAR 37.15M in the current quarter versus SAR 49.38M in the previous quarter in previous year, registering a decrease of 24.77%. The reason for decrease in gross margin contribution was due to the drop in revenue.

Net Income (before adding comprehensive income) for the current quarter was SAR 16.04M versus SAR 26.54M during the previous quarter in the previous year. This is mainly due to the decrease in sales revenue and relatively increase in expenses.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.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.