MIS profit sinks to SAR 14M in 2023; Q4 loss at SAR 12.7M

MIS profit sinks to SAR 14M in 2023; Q4 loss at SAR 12.7M

21/03/2024 Argaam Exclusive

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Al Moammar Information Systems Co. (MIS) recorded a net profit slump of 85% to SAR 14 million in 2023, compared to SAR 95.9 million in 2022.



Financials (M)

Item 2022 2023 Change‬
Revenues 789.62 1,459.72 84.9 %
Gross Income 202.77 245.78 21.2 %
Operating Income 101.78 61.74 (39.3 %)
Net Income 95.86 13.97 (85.4 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 3.20 0.47 (85.4 %)

The profit dip was attributed to an increase of SAR 87.45 million in the non-cash provision for impairment losses on contracts assets and trade receivables, compared to SAR 1.70 million in 2022.

 

On the other hand, revenues grew by 85% to SAR 1.45 billion in 2023, compared to SAR 789.62 million a year earlier.

 

MIS also recorded operating profits of SAR 61.74 million in 2023, compared to SAR 101.78 million in 2022.

 

In Q4 2023, MIS swung to a net loss of SAR 12.7 million, against a net profit of SAR 49.3 million in the prior-year period.

 

Net losses narrowed from SAR 69.4 million in Q3 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 313.19 288.30 (7.9 %)
Gross Income 73.44 32.25 (56.1 %)
Operating Income 42.08 6.74 (84.0 %)
Net Income 49.33 (12.69) (125.7 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 1.64 (0.42) (125.7 %)

Total shareholders’ equity, no minority interest, dropped to SAR 286.89 million as of Dec. 31, 2023, from SAR 371.1 million in the prior-year period.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 122.10 - 16.32 - 4.44 -
Q2 2018 273.42 - 30.05 - 19.70 -
Q3 2018 216.66 - 34.74 - 22.32 -
Q4 2018 273.97 - 52.51 - 39.43 -
Q1 2019 211.22 73.0 % 30.57 87.4 % 18.26 311.3 %
Q2 2019 238.12 (12.9 %) 35.84 19.3 % 19.75 0.3 %
Q3 2019 229.94 6.1 % 33.12 (4.7 %) 20.74 (7.1 %)
Q4 2019 318.23 16.2 % 64.29 22.4 % 49.03 24.4 %
Q1 2020 228.04 8.0 % 37.61 23.0 % 21.92 20.1 %
Q2 2020 319.51 34.2 % 48.37 34.9 % 26.87 36.0 %
Q3 2020 234.81 2.1 % 44.63 34.8 % 27.08 30.6 %
Q4 2020 - - 42.28 (34.2 %) 22.43 (54.3 %)
Q1 2021 143.44 (37.1 %) 32.40 (13.9 %) 14.99 (31.6 %)
Q2 2021 148.16 (53.6 %) 34.85 (28.0 %) 17.98 (33.1 %)
Q3 2021 171.97 (26.8 %) 42.19 (5.5 %) 20.59 (24.0 %)
Q4 2021 175.26 - 57.28 35.5 % 23.70 5.7 %
Q1 2022 106.60 (25.7 %) 28.79 (11.1 %) 8.61 (42.6 %)
Q2 2022 171.03 15.4 % 48.21 38.3 % 21.79 21.2 %
Q3 2022 198.80 15.6 % 52.33 24.0 % 29.30 42.3 %
Q4 2022 313.19 78.7 % 73.44 28.2 % 42.08 77.5 %
Q1 2023 437.48 310.4 % 76.45 165.5 % 54.04 528.0 %
Q2 2023 372.73 117.9 % 78.92 63.7 % 58.93 170.4 %
Q3 2023 361.00 81.6 % 58.00 10.8 % (58.00) (297.9 %)
Q4 2023 288.30 (7.9 %) 32.25 (56.1 %) 6.74 (84.0 %)
2023 1,459.72 84.9 % 245.78 21.2 % 61.74 (39.3 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 (1.15) - (0.04) - (1.15) (0.04)
Q2 2018 12.96 - 0.43 - 12.96 0.43
Q3 2018 16.39 - 0.55 - 16.39 0.55
Q4 2018 36.30 - 1.21 - 36.30 1.21
Q1 2019 11.72 1122.1 % 0.39 - 11.72 0.39
Q2 2019 13.01 0.4 % 0.43 - 13.01 0.43
Q3 2019 14.39 (12.2 %) 0.48 - 14.39 0.48
Q4 2019 36.85 1.5 % 1.23 - 36.85 1.23
Q1 2020 16.93 44.4 % 0.56 - 16.93 0.56
Q2 2020 24.41 87.6 % 0.81 - 24.41 0.81
Q3 2020 22.50 56.3 % 0.75 - 22.50 0.75
Q4 2020 17.44 (52.7 %) 0.58 - 17.44 0.58
Q1 2021 9.30 (45.1 %) 0.31 - 9.30 0.31
Q2 2021 13.53 (44.6 %) 0.45 - 13.53 0.45
Q3 2021 14.83 (34.1 %) 0.49 - 14.83 0.49
Q4 2021 18.83 7.9 % 0.63 - 18.83 0.63
Q1 2022 4.60 (50.5 %) 0.15 - 4.60 0.15
Q2 2022 16.85 24.5 % 0.56 - 16.85 0.56
Q3 2022 25.09 69.2 % 0.84 - 25.09 0.84
Q4 2022 49.33 162.0 % 1.64 15.24 34.09 1.14
Q1 2023 46.57 911.9 % 1.55 - 46.57 1.55
Q2 2023 49.50 193.9 % 1.65 - 49.50 1.65
Q3 2023 (69.00) (375.1 %) (2.30) - (69.00) (2.30)
Q4 2023 (12.69) (125.7 %) (0.42) - (12.69) (0.42)
2023 13.97 (85.4 %) 0.47 - 13.97 0.47

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 15.08 % 9.77 % 7.28 %
Q1 2019 15.16 % 10.30 % 7.93 %
Q2 2019 16.35 % 10.71 % 8.24 %
Q3 2019 15.95 % 10.36 % 7.91 %
Q4 2019 16.42 % 10.93 % 7.62 %
Q1 2020 16.84 % 11.12 % 8.00 %
Q2 2020 16.74 % 10.95 % 8.45 %
Q3 2020 17.71 % 11.51 % 9.15 %
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 26.10 % 12.70 % 8.84 %
Q1 2022 27.09 % 12.50 % 8.60 %
Q2 2022 28.24 % 12.68 % 8.82 %
Q3 2022 28.63 % 13.54 % 10.03 %
Q4 2022 25.68 % 13.51 % 10.21 %
Q1 2023 22.35 % 13.59 % 10.94 %
Q2 2023 21.26 % 14.35 % 11.74 %
Q3 2023 19.32 % 6.92 % 4.12 %
Q4 2023 16.83 % 4.67 % 0.99 %
2023 16.84 % 4.67 % 0.96 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 - - - -
Q2 2014 - - - -
Q3 2014 - - - -
Q4 2014 - - - -
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 - - - -
Q2 2017 - - - -
Q3 2017 - - - -
Q4 2017 - - - -
Q1 2018 30.00 - - 5.26
Q2 2018 30.00 - - 5.34
Q3 2018 30.00 - - 5.91
Q4 2018 30.00 2.15 2.15 6.55
Q1 2019 30.00 2.58 2.58 6.97
Q2 2019 30.00 2.58 2.58 7.37
Q3 2019 30.00 2.51 2.51 7.84
Q4 2019 30.00 2.53 2.53 9.31
Q1 2020 30.00 2.71 2.71 8.54
Q2 2020 30.00 3.09 3.09 9.28
Q3 2020 30.00 3.36 3.36 9.42
Q4 2020 30.00 2.71 2.71 10.82
Q1 2021 30.00 2.45 2.45 10.11
Q2 2021 30.00 2.09 2.09 10.43
Q3 2021 30.00 1.84 1.84 10.24
Q4 2021 30.00 1.88 1.88 11.12
Q1 2022 30.00 1.73 1.73 10.40
Q2 2022 30.00 1.84 1.84 11.03
Q3 2022 30.00 2.18 2.18 10.72
Q4 2022 30.00 3.20 2.69 12.37
Q1 2023 30.00 4.59 4.09 12.72
Q2 2023 30.00 5.68 5.17 14.38
Q3 2023 30.00 2.55 2.04 10.57
Q4 2023 30.00 0.48 0.48 9.56

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 10.74 10.74 3.76
Q3 2019 10.61 10.61 3.40
Q4 2019 9.35 9.35 2.54
Q1 2020 8.95 8.95 2.84
Q2 2020 9.96 9.96 3.31
Q3 2020 12.97 12.97 4.62
Q4 2020 23.67 23.67 5.93
Q1 2021 40.73 40.73 9.89
Q2 2021 50.58 50.58 10.15
Q3 2021 75.96 75.96 13.62
Q4 2021 67.01 67.01 11.34
Q1 2022 72.90 72.90 12.10
Q2 2022 44.21 44.21 7.36
Q3 2022 43.61 43.61 8.86
Q4 2022 29.17 34.68 7.53
Q1 2023 24.77 27.85 8.95
Q2 2023 27.31 29.99 10.79
Q3 2023 55.68 69.55 13.41
Q4 2023 More than 100 More than 100 14.22

Business Segments (Million)

Compared With The
Period Data sector Maintenance and operation sector Networking Unit Systems Unit Information Technology Security Unit Solutions Unit Business Services Management Unit
Q1 2018 - 21.13 14.66 20.99 21.58 38.02 5.72
Q2 2018 - 41.28 33.30 58.32 39.38 61.20 39.94
Q3 2018 - 23.20 13.78 67.81 14.43 74.30 23.14
Q4 2018 - 31.83 23.34 78.70 47.58 66.15 26.37
Q1 2019 - 23.76 16.53 34.85 25.08 84.70 26.30
Q2 2019 - 28.70 36.23 42.84 30.47 82.42 17.45
Q3 2019 - 21.16 13.87 104.01 27.03 52.48 11.40
Q4 2019 - 52.95 50.67 66.85 54.81 64.15 28.80
Q1 2020 - 25.08 56.70 49.15 32.38 48.68 16.04
Q2 2020 - 24.13 109.66 56.54 46.60 77.04 5.54
Q3 2020 - 30.00 63.90 45.38 23.41 47.20 24.92
Q1 2021 - 29.23 30.36 50.19 4.99 6.63 22.04
Q2 2021 - 35.01 55.38 30.91 8.62 11.89 6.35
Q3 2021 - 44.30 59.52 34.98 17.49 10.04 5.63
Q4 2021 - 39.31 54.22 12.44 16.78 19.09 33.42
Q1 2022 - 44.08 33.46 10.39 5.11 7.87 5.69
Q2 2022 22.93 59.38 41.75 12.60 12.07 12.96 9.36
Q3 2022 37.59 52.16 57.49 17.05 12.41 15.81 6.29
Q4 2022 80.05 61.29 62.32 53.18 25.26 8.97 22.13
Q1 2023 252.20 52.54 62.27 27.96 13.43 23.37 5.70
Q2 2023 174.64 100.94 41.59 35.24 14.30 5.27 0.74
Q3 2023 102.23 68.74 121.06 41.22 14.40 12.19 1.38
Q4 2023 112.62 65.84 76.98 9.72 16.89 5.38 0.86

Analysts Estimates (Million)

Item Q4 2023 (e) Q4 2023 (a) Change‬
Average 27.97 (12.69) (145.4 %)

Estimates vs Actual (Million)

Item Q4 2023 (e) Q4 2023 (a) Change
U-Capital 34.90 (12.69) (136.4) %
United Securities Company 27.00 (12.69) (147.0) %
Al Rajhi Capital 22.00 (12.69) (157.7) %


Financial Ratios
Current
Market Cap (M Riyal) 5,118.00
Enterprise Value (EV) (M) 5,876.21
Shares Outstanding ((M)) 30.00
Book Value (BV) ( Riyal) 13.91
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
Price/book 12.26
Return on Average Assets (%) (TTM) 4.7
Return on Average Equity (%) (TTM) 29.6
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Share Price

Al Moammar Information Systems Co.
170.60
4.00 2.40 %

Al Moammar Information Systems Co. (MIS)

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