MIS business not impacted by coronavirus, increased 80% in Q1 2020: CEO

Al Moammar Information Systems Co.'s (MIS) business did not face any impact in Q1 2020 due to the coronavirus outbreak, CNBC Arabia reported, citing CEO Ziad Mortaja.

“On the contrary, the company saw an 80% increase in the size of projects and purchase orders in Q1 2020,” Mortaja added in his statement.

He emphasized on the fact that the company’s activities did not stop for the public or the private sector, also indicating that the crisis has created new opportunities for technology companies.

“We see changes in the mechanism for many public entities and large private companies to work and hold meetings remotely,” Mortaja said.

He also noted that since demand for remote work increased, MIS is set to play a major role in the G20 virtual meetings in partnership with the Ministry of Communications and Information Technology (MCIT).

According to data compiled by Argaam, the Capital Market Authority (CMA) approved, on March 31, MIS' srequest to increase its capital from SAR 160 million to SAR 200 million, through issuance of 1 bonus share for every 4 existing shares owned by the shareholders.