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MIS posts 45% growth in Q1 profit, plans 25% bonus shares

MIS posts 45% growth in Q1 profit, plans 25% bonus shares
Revenues grew by 7.96% during the first quarter of 2020
MIS
7200
3.16% 52.20 1.60

Riyadh – Mubasher: Al Moammar Information Systems (MIS) Company reported SAR 16.93 million in net profit during the first quarter (Q1) of 2020, posting a 44.45% year-on-year (YoY) increase, as shown by the company’s interim financial results.

MIS posted an overall growth in revenue by 7.96%, which was attributed to a strong backlog carried forward and the growth of new orders, according to a company disclosure on Sunday.

Sale of software license increased by 11.6% YoY during Q1-20 to SAR 32.9 million, compared with SAR 29.6 million in the similar period of 2019.

Meanwhile, shareholders are set to vote on raising the company’s capital by 25% or SAR 40 million from SAR 160 million to SAR 200 million, during the next extraordinary general assembly meeting (EGM) on 1 June 2020.

The capital hike, recommended by the board of directors, is set to be through the issuance of bonus shares.