Al Moammar Information Systems turns to profit in Q1 2019
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Al Moammar Information Systems Co. reported a net profit after zakat and tax of SAR 11.7 million for the first quarter of 2019, compared to a net loss of SAR 1.15 million, the firm said in a bourse statement.
The company turned to profit due to higher revenues, as sales of services grew 68 percent, while software licenses more than tripled and hardware sales jumped 43 percent.
The profit was also attributed to lower general and administrative expenses, despite the rise in the cost of finance.
There is no disclosed financial data for the previous quarter, as it was transitioning into a listed firm.