Al Moammar CEO says Q1 2020 solid results show business growth

Al Moammar Information Systems Co. (MIS) posted a strong set of results for the first quarter of 2020, which reflects the company’s business growth, CEO Ziad Mortaja told Argaam in an exclusive on Sunday.

Growth in the company’s business and projects during 2019 and the first quarter of 2020 also show MIS solid position.

“MIS has a huge backlog this year and is ready to implement it, but we are closely monitoring market conditions in the near future,” Mortaja said.

New awards in Q1 2020 were 100% higher, when compared to the same period last year.

Moreover, projects under construction are valued at over SAR 1.5 billion, Mortaja noted, adding that some contracts were officially disclosed in Tadawul, as their size accounted for over 5% of the company’s income last year.

Projects are not recognized in the company’s income upon signing contracts, as implementation takes time.

Speaking of the COVID-19 impact on MIS operations, Mortaja said that ministries, government entities and major companies in various sectors are MIS’ key clients. The coronavirus outbreak led the clients to adopt remote working to mitigate the pandemic impact on operations.

“Though work progress has been affected, projects are ongoing, a matter that reflects solid infrastructure investments across the Kingdom,” Mortaja stressed, adding that the move helped MIS continue its operations through remote working and communication with clients.

He concluded that the major part of the SAR 134.4 million project of Saudi Technology and Security Comprehensive Control Co. Ltd. (Tahakom) will be implemented this year, while some technical support aspects will be completed later on.

MIS reported a net profit after Zakat and tax of SAR 17.2 million for the first quarter of 2020, a rise of 46% year-on-year (YoY), Argaam reported.