Al Moammar Information Systems Co. announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 265.86 | 234.81 | 13.223 | 247.84 | 7.27 |
| Gross Profit (Loss) | 43.42 | 44.62 | -2.689 | 32.48 | 33.682 |
| Operational Profit (Loss) | 24.81 | 27.08 | -8.382 | 14.88 | 66.733 |
| Net Profit (Loss) after Zakat and Tax | 19.05 | 22.5 | -15.333 | 10.43 | 82.646 |
| Total Comprehensive Income | 19.4 | 24.19 | -19.801 | 9.62 | 101.663 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 737.16 | 782.36 | -5.777 |
| Gross Profit (Loss) | 113.05 | 130.95 | -13.669 |
| Operational Profit (Loss) | 61.43 | 75.87 | -19.032 |
| Net Profit (Loss) after Zakat and Tax | 45.52 | 63.84 | -28.696 |
| Total Comprehensive Income | 45.94 | 64.36 | -28.62 |
| Total Share Holders Equity (after Deducting Minority Equity) | 307.29 | 282.48 | 8.782 |
| Profit (Loss) per Share | 1.82 | 2.55 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Revenue from Contracts: The company posted a 13% increase in sales revenue amounting to SAR 265M in the current quarter against SAR 234M in similar quarter of last year. The quarter witnessed a steady progress in completion and acceptance of milestone from the carried forward backlog from previous period and revenue was also recognized from a good pile-up of new orders during Q3-2021.
Gross Profit: MIS posted a gross profit of SAR 43.42M in the current quarter versus SAR 44.62M in the similar period in previous year. The corresponding quarter numbers are comparable without any significant changes.
Selling & marketing expenses were SAR 2.4M in the current quarter versus SAR 2.1M in the same period of previous year. As such the expenses have been consistent.
General & administration expenses were SAR 15.21M in the current quarter versus SAR 13.23M in the same period of previous year. The increase in current quarter is represented by expenses of SAR 558K for MIS' 100% owned subsidiary, SAR 700K for board compensation and general increase in related costs. In the current quarter the company has provided SAR 1M for impairment loss.
Finance Cost amounted to SAR 4.84Million in the current quarter versus SAR 5.15M in the same period of previous year, registering 6% drop.
Net Income (before adding comprehensive income) for the current quarter was SAR 19.05M versus SAR 22.50M during the same period in the previous year. The drop in net income is due to slight change in the sales mix of products, solutions and services & the increase in general administration expenses. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is | The net profit for the current quarter was SAR. 19.05M versus to SAR.10.43M compared to previous quarter, 83% increase. This is mainly due to increase in sales revenue and improved contribution of gross profit from the sales. It also worth noting the point that there has been steady inflow of new orders which supports the increase in revenue. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The net profit for the current period was SAR. 45.52M versus to SAR.63.84M compared to previous period. The decrease is mainly attributed to recognition of milestones falling in the subsequent period(s) due to certain orders which have a long projects cycle and timing delay of new project awards during the quarter which will be realized in subsequent period(s) |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Reclassification of Comparison Items | There has been reclassification in some accounts to comply with IAS 1 - Presentation of Financial Statements. Certain prior year amounts have been reclassified to conform with the presentation in the current year. |
| Additional Information | During the period, the company incorporated a wholly owned subsidiary "Excellence Medical Systems Company". The subsidiary has not commenced its sales operation as yet. |
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