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Al Moammar Information Systems Co. announces its Interim Financial Results for the Period Ending on 2019-06-30 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 238.12273.42-12.91211.2212.735
Gross Profit (Loss) 35.8430.0519.26730.5717.239
Operational Profit (Loss) 19.7519.70.25318.268.159
Net Profit (Loss) after Zakat and Tax 13.0412.960.61711.7211.262
Total Comprehensive Income 12.1513.88-12.46312.49-2.722
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 449.34395.5213.607
Gross Profit (Loss) 66.4246.3743.239
Operational Profit (Loss) 38.0124.1457.456
Net Profit (Loss) after Zakat and Tax 24.7411.82109.306
Total Comprehensive Income 24.6413.2685.822
Total Share Holders Equity (after Deducting Minority Equity) 221196.5912.416
Profit (Loss) per Share 1.550.74
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to Al Moammar Information Systems Company (MIS) has consecutively delivered positive results during second quarter of financial year 2019 where the Net Income for reporting period reached SAR 13.04M in comparison to SAR 12.96M in the similar period in previous year. Following is a brief explanation:

Revenue from Contracts:

Sale of Services, maintenance & manpower amounted to SAR 122.18M in the current quarter versus SAR 107.88M in the similar period of previous year registering a growth of 13%.

Sale of software license amounted to SAR 68.71M in the current quarter versus SAR 64.57M in the similar period of previous year registering a growth of 7%.

Sale of hardware amounted to SAR 47.21M in the current quarter versus SAR 100.96M in the similar period of previous year registering a drop of 53%.

MIS registered 13.6% growth in Revenue from Contracts during the first half year of 2019 (SAR 449.3M) compared to the first half year in 2018 (SAR 395.5M).

Gross Profit: MIS posted a gross profit of SAR 35.84M during second quarter versus SAR 30.05M in the similar period in previous year, registering a growth of 19.3%. This is attributed to the continuous improvements in segment gross margins.

The overall gross margin %age registered during the current quarter is 15.1% versus 11.0% in the similar period of previous year.

Gross profit from sales of services, maintenance & manpower amounted to SAR 16.56M in the current quarter versus SAR 10.14M in the similar period of previous year registering a growth of 63%.

Gross Profit from sale of software license amounted to SAR 13.33M in the current quarter versus SAR 10.44M in the similar period of previous year registering a growth of 28%.

Gross Profit from sales of hardware amounted to SAR 5.95M in the current quarter versus SAR 9.47M in the similar period of previous year registering a drop of 37%.

The Company registered 43.2% growth in Gross Profits during the first half year in 2019 compared to the first half year in 2018. This is a significant achievement due to the continuous initiatives taken by company’s management.

Selling & marketing expenses were SAR 2.75M in the current quarter versus SAR 1.93M in the same period of previous year, registering a 42% increase amounting to SAR 0.82M. This is due to factors like general increase in salary raise for employees in sales & marketing and payment of commission & bonus.

General & administration expenses were SAR 13.33M in the current quarter versus SAR 8.41M in the same period of previous year, registering an increase of 59%. This is due to increase on account salary raise for employees, bonus and commission and provision for AR as per estimated credit loss model under IFRS 9.

Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to Revenue from Contracts increased by 13% in current quarter compared to the previous quarter.

Gross profits increased by 17% in current quarter compared to the previous quarter.

Net Income rose by 11% in the current quarter compared to the previous quarter.

The increase is attributed to the continued growth in revenue and consistent efforts taken to improve the gross margin across most of the segments in the company.

The management is working towards having such an increase sustained over the coming period(s) through various initiatives implemented at the beginning of the year and the outlook seems to be very positive.

Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to Revenue from Contracts increased by 14% in current period compared to the previous period.

Gross profits increased by 43% in current period compared to the previous period.

Net Income rose by 110% in the current period compared to the previous period.

The increase is attributed to the continued growth in revenue and consistent efforts taken

to improve the gross margin across most of the segments in the company.

Basis of the External Auditor's Opinion Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion The reviewed Interim Financial Statements prepared by the company, are material in all respects and is in accordance with IAS-34 that is endorsed in Kingdom of Saudi Arabia.

The Capital Market Authority and the Saudi Stock 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.

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