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Al Moammar Information Systems Co. announces its Interim Financial Results for the Period Ending on 2020-09-30 ( Nine Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 234.81229.942.117319.51-26.509
Gross Profit (Loss) 44.6333.1234.75248.37-7.732
Operational Profit (Loss) 27.0820.7430.56826.870.781
Net Profit (Loss) after Zakat and Tax 22.514.3956.35824.41-7.824
Total Comprehensive Income 24.1913.9972.90922.159.209
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 782.36679.2815.174
Gross Profit (Loss) 130.9599.5331.568
Operational Profit (Loss) 75.8758.7529.14
Net Profit (Loss) after Zakat and Tax 63.8439.1363.148
Total Comprehensive Income 64.3638.6466.563
Total Share Holders Equity (after Deducting Minority Equity) 282.48235.2220.091
Profit (Loss) per Share 3.191.96
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 delivered positive results during Q3-2020 where the Net comprehensive Income reached SAR 24.19M in comparison to SAR 13.99M in the similar period during Q3-2019. Following is a brief explanation:

Revenue from Contracts: MIS has posted a quarter on quarter overall revenue growth of 2.117% which is attributed to a solid backlog carried forward and the continuing growth of orders during the reporting period which brings the slight increase in revenues.

Gross Profit: MIS posted a gross profit of SAR 44.63M in the current quarter versus SAR 33.12M in the similar period in previous year, registering a growth of 34.752%. This is attributed to the healthy topline in addition to the improvements in segment gross margins.

Selling & marketing expenses were SAR 2.16M in the current quarter versus SAR 1.77M in the same period of previous year, registering a increase of 22.4%. Such an increase is due to payment of sales commission expenses.

General & administration expenses were SAR 15.38M in the current quarter versus SAR 10.61M in the same period of previous year, registering an increase of 45%. This is mainly due to increase in provision for estimated credit loss for amount of SR. 2.15M, general increase in employees payroll & related cost and donations and charity expenses made by SAR 0.75M.

Finance Cost amounted to SAR 4.77 Million in the current quarter versus SAR 3.83M in the same period of previous year, registering an increase of 24%. This is due to the increase net debt outstanding during the quarter.

Net Income (before adjusting comprehensive income) for the current quarter was SAR 22.50M versus SAR 14.39M during the same period in the previous year registering a growth of 56.358%. This is mainly due to the general increase in the Revenue from Contracts, improved segment gross margins.

Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to Decrease in Net Profit for current quarter compared previous quarter is attributed to :

- Sales revenue decreased by 26.509% in the current quarter compared to last quarter of 2020. This factor results in drop in net profit and gross margin during the current quarter.

Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to The increase in net profit for the current period is approximately 63.148% in comparison to the previous period is due to increase in overall sales revenue and increase in gross profit contribution.
Basis of the External Auditor's Opinion Unmodified opinion
Reclassification of Comparison Items There has been reclassification in some accounts to comply with IAS 1 - Presentation of Financial Statements. Certain prior period amounts have been reclassified to conform with the presentation in the current period.

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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