Financial Results : MIS 2024 earnings surge to SAR 124M; Q4 at SAR 2M

MIS 2024 earnings surge to SAR 124M; Q4 at SAR 2M

30/03/2025 Argaam Exclusive

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Al Moammar Information Systems Co.'s (MIS) net earnings soared to SAR 124 million in 2024, compared with SAR 14 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 1,459.72 1,212.98 (16.9 %)
Gross Income 245.78 257.77 4.9 %
Operating Income 61.74 120.98 95.9 %
Net Income 13.97 124.40 790.3 %
Average Shares 30.00 30.00 -
Earnings Per Share before unusual items (Riyals) 0.47 1.71 267.6 %
EPS (Riyal) 0.47 4.15 790.3 %

MIS reported a rise in its 2024 operating profit to SAR 121 million, compared with SAR 62 million a year before. This was mainly due to not booking additional provisions for trade receivables and contractual assets during the current year, versus the allocation of a SAR 87 million provision in the year before, in tandem with improved profit margins.

 

The company also recorded SAR 58 million in gains from the disposal of 10% of its stake in Edarat Telecommunication and Information Technology Co., an associate. This is besides gains from the fair value valuation of data centers at SAR 25 million.

 

This was despite the SAR 29 million losses booked from the subsidiaries in 2024.

 

Further, during the same year, MIS posted a lower top-line, primarily due to the drop in revenues from some business divisions and the company’s entry into principal-agent arrangements for some operations.

 

In Q4 2024, MIS turned to a profit of SAR 2 million, from losses of SAR 13 million in Q4 2023.

 

However, its three-month net earnings dropped 88% from SAR 16.73 million in Q3 2024.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 288.30 255.47 (11.4 %)
Gross Income 32.25 56.55 75.4 %
Operating Income 6.74 18.59 175.9 %
Net Income (12.69) 2.84 122.4 %
Average Shares 30.00 30.00 -
Earnings Per Share before unusual items (Riyal) (0.42) 0.21 150.0 %
EPS (Riyal) (0.42) 0.09 122.4 %

Total shareholders’ equity, after minority interest, advanced to SAR 423 million as of Dec. 31, 2024, from SAR 287 million a year ago.

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