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Al Moammar Information Systems Co. announces its Interim Financial Results for the Period Ending on 2020-06-30 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 319.51238.1234.18228.0440.111
Gross Profit (Loss) 48.3735.8434.9637.9527.457
Operational Profit (Loss) 26.8719.7536.0521.9222.582
Net Profit (Loss) after Zakat and Tax 24.4113.0187.62416.9344.181
Total Comprehensive Income 22.1512.1582.30418.0122.987
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 547.55449.3421.856
Gross Profit (Loss) 86.3266.4229.96
Operational Profit (Loss) 48.7938.0128.36
Net Profit (Loss) after Zakat and Tax 41.3424.7467.097
Total Comprehensive Income 40.1724.6463.027
Total Share Holders Equity (after Deducting Minority Equity) 278.29221.2325.792
Profit (Loss) per Share 2.071.24
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 Q2-2020 where the Net Income reached SAR 24.41M in comparison to SAR 13.01M in the similar period during Q2-2019. Following is a brief explanation:

Revenue from Contracts: MIS has posted a quarter on quarter overall revenue growth of 34.18% which is attributed to a strong backlog carried forward and the continuing growth of new orders during the reporting period which brings the increase in revenues.

Sale of Services, maintenance & manpower amounted to SAR 109.35M in the current quarter versus SAR 122.18M in the similar period of previous year registering a slight drop of 11%.

Sale of software license amounted to SAR 90.21M in the current quarter versus SAR 68.71M in the similar period of previous year registering an increase of¬ 31%.

Sale of hardware amounted to SAR 119.94M in the current quarter versus SAR 47.22M in the similar period of previous year registering a good increase of 154%.

Gross Profit: MIS posted a gross profit of SAR 48.37M in the current quarter versus SAR 35.84M in the similar period in previous year, registering a growth of 34.96% YoY. This is attributed to the healthy topline in addition to the improvements in segment gross margins.

Gross profit from sales of services, maintenance & manpower amounted to SAR 19.05M in the current quarter versus SAR 16.56M in the similar period of previous year registering an increase of 15%.

Gross Profit from sale of software license amounted to SAR 11.09M in the current quarter versus SAR13.32M in the similar period of previous year registering a drop of 17%.

Gross Profit from sales of hardware amounted to SAR 18.23M in the current quarter versus SAR 5.95M in the similar period of previous year registering an increase of 206%.

Selling & marketing expenses were SAR 2.06M in the current quarter versus SAR 2.75M in the same period of previous year, registering a drop of 25%. Such an drop is attributed to the general reduction in the marketing and travel related expenses during the quarter.

General & administration expenses were SAR 14.5M in the current quarter versus SAR 12.6M in the same period of previous year, registering an increase of 15%. This is mainly due to payment of donations SAR 1M, payment of professional fees SAR 0.25M and recording certain project related penalties during Q2-2020.

There is a significant increase in the Impairment loss on receivables during the current quarter in the light of the current economic situation

Finance Cost amounted to SAR 3.3 Million in the current quarter versus SAR 5.0M in the same period of previous year, registering a drop of 34%. This is mainly attributed to reduction in the monthly SIBOR rates during the respective quarters. The current period has witnessed a sharp drop in the SIBOR rates which has eventually resulted in savings despite the increase in net debt position.

Net Income (before adjusting comprehensive income) for the current quarter was SAR 24.41M versus SAR 13.01M during the same period in the previous year registering a growth of 88%. 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 Increase in Net Profit for current quarter compared previous quarter is attributed to :

- Sales revenue increased by 40% in the current quarter. During the current quarter the company received certain high value deals including that of providing Software licenses, Hardware Items and Implementation Services which were possible to be delivered in the same quarter thereby enabling the company to recognize sizeable revenues.

The above factors which pushed higher sales revenue and gross margin during the current quarter had a direct impact on a higher resultant net profit.

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 68% in comparison to the previous period is due to increase in overall sales revenue and savings on financial cost.
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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