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 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	437.48	372.73	(14.8 %)
Gross Income	76.45	78.92	3.2 %
Operating Income	54.04	58.93	9.0 %
Net Income	46.57	49.50	6.3 %
Average Shares	30.00	30.00	-
EPS (Riyals)	1.55	1.65	6.3 %

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.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2014	-	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-	-
2014	568.53	-	108.74	-	40.01	-	1.33
Q1 2015	-	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-	-
2015	716.81	26.1 %	96.87	(10.9 %)	40.91	2.2 %	1.36
Q1 2016	-	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-	-
2016	654.02	(8.8 %)	98.46	1.6 %	36.08	(11.8 %)	1.20
Q1 2017	-	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-	-
2017	750.98	14.8 %	119.27	21.1 %	51.62	43.1 %	1.72
Q1 2018	122.10	-	16.32	-	(1.15)	-	(0.04)
Q2 2018	273.42	-	30.05	-	12.96	-	0.43
Q3 2018	216.66	-	34.74	-	16.39	-	0.55
Q4 2018	273.97	-	52.51	-	36.30	-	1.21
2018	886.15	18.0 %	133.62	12.0 %	64.51	25.0 %	2.15
Q1 2019	211.22	73.0 %	30.57	87.4 %	11.72	1122.1 %	0.39
Q2 2019	238.12	(12.9 %)	35.84	19.3 %	13.01	0.4 %	0.43
Q3 2019	229.94	6.1 %	33.12	(4.7 %)	14.39	(12.2 %)	0.48
Q4 2019	318.23	16.2 %	64.29	22.4 %	36.85	1.5 %	1.23
2019	997.52	12.6 %	163.82	22.6 %	75.98	17.8 %	2.53
Q1 2020	228.04	8.0 %	37.61	23.0 %	16.93	44.4 %	0.56
Q2 2020	319.51	34.2 %	48.37	34.9 %	24.41	87.6 %	0.81
Q3 2020	234.81	2.1 %	44.63	34.8 %	22.50	56.3 %	0.75
Q4 2020	-	-	42.28	(34.2 %)	17.44	(52.7 %)	0.58
2020	674.79	(32.4 %)	173.23	5.7 %	81.28	7.0 %	2.71
Q1 2021	143.44	(37.1 %)	32.40	(13.9 %)	9.30	(45.1 %)	0.31
Q2 2021	148.16	(53.6 %)	34.85	(28.0 %)	13.53	(44.6 %)	0.45
Q3 2021	171.97	(26.8 %)	42.19	(5.5 %)	14.83	(34.1 %)	0.49
Q4 2021	175.26	-	57.28	35.5 %	18.83	7.9 %	0.63
2021	638.82	(5.3 %)	166.72	(3.8 %)	56.48	(30.5 %)	1.88
Q1 2022	106.60	(25.7 %)	28.79	(11.1 %)	4.60	(50.5 %)	0.15
Q2 2022	171.03	15.4 %	48.21	38.3 %	16.85	24.5 %	0.56
Q3 2022	198.80	15.6 %	52.33	24.0 %	25.09	69.2 %	0.84
Q4 2022	313.19	78.7 %	73.44	28.2 %	49.33	162.0 %	1.64
2022	789.62	23.6 %	202.77	21.6 %	95.86	69.7 %	3.20
Q1 2023	437.48	310.4 %	76.45	165.5 %	46.57	911.9 %	1.55
Q2 2023	372.73	117.9 %	78.92	63.7 %	49.50	193.9 %	1.65

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2013	-	-	-	-	-	-	-
2014	568.53	-	108.74	-	40.01	-	1.33
2015	716.81	26.1 %	96.87	(10.9 %)	40.91	2.2 %	1.36
2016	654.02	(8.8 %)	98.46	1.6 %	36.08	(11.8 %)	1.20
2017	750.98	14.8 %	119.27	21.1 %	51.62	43.1 %	1.72
2018	886.15	18.0 %	133.62	12.0 %	64.51	25.0 %	2.15
2019	997.52	12.6 %	163.82	22.6 %	75.98	17.8 %	2.53
2020	674.79	(32.4 %)	173.23	5.7 %	81.28	7.0 %	2.71
2021	638.82	(5.3 %)	166.72	(3.8 %)	56.48	(30.5 %)	1.88
2022	789.62	23.6 %	202.77	21.6 %	95.86	69.7 %	3.20

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	19.13 %	9.53 %	7.04 %
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	13.51 %	7.61 %	5.71 %
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	15.05 %	8.59 %	5.52 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	15.88 %	9.53 %	6.87 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	15.08 %	9.77 %	7.28 %
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 %
2019	16.42 %	10.17 %	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	-	-	-
2020	25.67 %	14.79 %	12.04 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	26.10 %	12.70 %	8.84 %
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 %
2022	25.68 %	13.51 %	10.21 %
Q1 2023	22.35 %	13.59 %	10.94 %
Q2 2023	21.26 %	14.35 %	11.74 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	-	-	-
2014	19.13 %	9.53 %	7.04 %
2015	13.51 %	7.61 %	5.71 %
2016	15.05 %	8.59 %	5.52 %
2017	15.88 %	9.53 %	6.87 %
2018	15.08 %	9.77 %	7.28 %
2019	16.42 %	10.17 %	7.62 %
2020	25.67 %	14.79 %	12.04 %
2021	26.10 %	12.70 %	8.84 %
2022	25.68 %	13.51 %	10.21 %

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	13.36 %	3.83 %	(0.94 %)
Q2 2018	10.99 %	7.27 %	4.74 %
Q3 2018	16.03 %	10.43 %	7.56 %
Q4 2018	19.17 %	14.40 %	13.25 %
Q1 2019	14.47 %	8.76 %	5.55 %
Q2 2019	15.05 %	8.43 %	5.47 %
Q3 2019	14.40 %	9.03 %	6.26 %
Q4 2019	20.20 %	15.61 %	11.58 %
Q1 2020	16.49 %	9.77 %	7.42 %
Q2 2020	15.14 %	8.52 %	7.64 %
Q3 2020	19.00 %	11.70 %	9.58 %
Q4 2020	-	-	-
Q1 2021	22.59 %	11.03 %	6.48 %
Q2 2021	23.52 %	12.74 %	9.13 %
Q3 2021	24.53 %	12.58 %	8.62 %
Q4 2021	32.68 %	14.16 %	10.74 %
Q1 2022	27.01 %	9.31 %	4.32 %
Q2 2022	28.19 %	13.36 %	9.85 %
Q3 2022	26.32 %	15.42 %	12.62 %
Q4 2022	23.45 %	13.82 %	10.89 %
Q1 2023	17.48 %	12.68 %	10.64 %
Q2 2023	21.17 %	16.20 %	13.28 %

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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	-	-	-	-
2014	30.00	1.33	1.33	4.82
2015	30.00	1.36	1.36	5.34
2016	30.00	1.20	1.20	5.69
2017	30.00	1.72	1.72	5.28
2018	30.00	2.15	2.15	6.55
2019	30.00	2.53	2.53	9.31
2020	30.00	2.71	2.71	10.82
2021	30.00	1.88	1.88	11.12
2022	30.00	3.20	2.69	12.37

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

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	9.35	9.35	2.54
2020	23.67	23.67	5.93
2021	67.01	67.01	11.34
2022	29.17	34.68	7.53

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

Period	Data sector	Maintenance and operation sector	Networking Unit	Systems Unit	Information Technology Security Unit	Solutions Unit	Business Services Management Unit
2014	-	55.67	68.33	66.36	66.48	248.67	63.03
2015	-	72.00	98.96	96.10	83.09	300.25	66.40
2016	-	96.57	72.14	268.07	70.28	53.37	93.59
2017	-	83.34	86.73	70.33	59.77	327.34	123.47
2018	-	117.43	85.07	225.82	122.97	239.68	95.18
2019	-	126.57	117.29	248.56	137.39	283.75	83.95
2020	-	102.71	250.20	127.58	73.06	76.96	44.29
2021	-	147.85	199.47	128.52	47.88	47.65	67.45
2022	140.57	216.87	195.05	93.21	54.86	45.61	43.47

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 %

Financial Ratios

	Current
Market Cap (M Riyal)	5,124.00
Enterprise Value (EV) (M)	5,537.16
Shares Outstanding ((M))	30.00
Book Value (BV) ( Riyal)	11.92
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	More than 100
Price/book	14.33
Return on Average Assets (%) (TTM)	2.2
Return on Average Equity (%) (TTM)	11.0

Al Moammar Information Systems Co. (MIS)

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

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2023 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Al Moammar Information Systems Co. (MIS)

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

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2023

Revenue by Business Segment (Latest) 2023 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Al Moammar Information Systems Co. (MIS)

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Business Segments (Million)