MIS H1 2023 net profit jumps to SAR 96.1 mln; Q2 at SAR 49.5 mln

MIS H1 2023 net profit jumps to SAR 96.1 mln; Q2 at SAR 49.5 mln

14/08/2023 Argaam Exclusive

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Al Moammar Information Systems Co. (MIS) posted a net profit of SAR 96.1 million for the first half of 2023, a more than four-fold jump from SAR 21.5 million in the same period last year.

 

The company’s H1 2023 earnings were spurred by increased business volume and new purchase orders, compared with the year-ago period.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 277.63 810.21 191.8 %
Gross Income 77.00 155.37 101.8 %
Operating Income 30.40 112.97 271.7 %
Net Income 21.45 96.07 347.9 %
Average Shares 30.00 30.00 -
EPS (Riyals) 0.71 3.20 347.9 %

The company’s H1 2023 earnings were spurred by increased business volume and new purchase orders, compared with the year-ago period.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 171.03 372.73 117.9 %
Gross Income 48.21 78.92 63.7 %
Operating Income 21.79 58.93 170.4 %
Net Income 16.85 49.50 193.9 %
Average Shares 30.00 30.00 -
EPS (Riyals) 0.56 1.65 193.9 %

In Q2 2023, MIS’s net profit more than doubled to SAR 49.5 million, from SAR 16.85 million in the year before. This was due to higher revenues from all products and services, as well as higher operating revenues.

 

On a quarterly basis, net income leapt by 6.3% from SAR 46.57 million in Q1 2023, backed by higher gross profit and profit margin, as well as stronger operating efficiency and lower operating expenses and financing costs.

 

Total shareholders' equity, no minority interest, surged to SAR 431.4 million by the end H1 2023, compared to SAR 331.04 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 %


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

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 %


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

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

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

Analysts Estimates (Million)

Item Q2 2023 (e) Q2 2023 (a) Change‬
Average 38.30 49.50 29.25 %

Estimates vs Actual (Million)

Item Q2 2023 (e) Q2 2023 (a) Change
Al Rajhi Capital 49.00 49.50 1.0 %
United Securities Company 52.00 49.50 (4.8) %
U-Capital 13.90 49.50 256.1 %

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

Share Price

Al Moammar Information Systems Co. (MIS)


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