Riyadh – Mubasher: Al Moammar Information Systems Company (MIS) penned a Sharia-compliant facility agreement worth SAR 450 million with Arab National Bank (ANB) on 3 January 2023.

The firm will use the loan, which is valid until 31 July this year, to finance new projects and issue letters of credit and guarantee, according to a bourse disclosure.

Meanwhile, the deal is secured by promissory notes worth the value of the total funding limit.

It is worth mentioning that the two entities inked a SAR 220 million facility deal in December 2021.

Last month, the Tadawul-listed firm won a SAR 37.55 million project contract with BK GCC Company.

In the first nine months (9M) of 2022, MIS registered net profits after Zakat and tax worth SAR 46.53 million, up 23.59% from SAR 37.65 million during the January-September 2021 period.

Revenues went up by 2.78% to SAR 476.43 million in 9M-22 from SAR 463.56 million in 9M-21, whereas the earnings per share (EPS) increased to SAR 1.55 from SAR 1.26.