Riyadh – Mubasher: Al Moammar Information Systems Company posted a 17.76% year-on-year profit growth during 2019.

Net profits after Zakat and taxes levelled up to SAR 75.97 million last year from SAR 64.51 million in 2018, the company said in a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

The profit rise was primarily supported by an increase in revenue from contracts due to the efficient conversion of new orders into revenue and the improvement in service revenues.

Revenues rose by 12.6% to SAR 997.52 million in 2019 from SAR 886.15 million in the previous year.

It is noteworthy that during the first nine months of 2019, the Saudi firm’s net profits after Zakat and taxes hiked by 38.7% to SAR 39.13 million, compared to SAR 28.21 million in the prior-year period.