MIS earns SAR 26.7 mln in 9M 2023, posts SAR 69.4 mln loss in Q3 on contract assets, trade receivables

MIS earns SAR 26.7 mln in 9M 2023, posts SAR 69.4 mln loss in Q3 on contract assets, trade receivables

09/11/2023 Argaam Exclusive

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Al Moammar Information Systems Co. (MIS) recorded a net profit of SAR 26.7 million in the first nine months of 2023, down from SAR 46.5 million in the prior-year period.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 476.43 1,171.00 145.8 %
Gross Income 129.33 214.00 65.5 %
Operating Income 59.70 55.00 (7.9 %)
Net Income 46.53 27.00 (42.0 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 1.55 0.90 (42.0 %)

The lower profit was attributed to an increase in impairment loss on contract assets and trade receivables during the quarter.

 

In Q3 2023, the company swung to a net loss of SAR 69.4 million against a net profit of SAR 25 million in Q3 2022.

 

MIS turned to losses from a net profit of SAR 49.5 million in Q2 2023.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 198.80 361.00 81.6 %
Gross Income 52.33 58.00 10.8 %
Operating Income 29.30 (58.00) (297.9 %)
Net Income 25.09 (69.00) (375.1 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 0.84 (2.30) (375.1 %)

Total shareholders’ equity, no minority interest, declined to SAR 317.12 million as of Sept. 30, 2023, down from SAR 321.61 million in the prior-year period.

 

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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 %)


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)

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 %


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

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

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

Analysts Estimates (Million)

Item Q3 2023 (e) Q3 2023 (a) Change‬
Average 44.60 (69.41) (255.6 %)

Estimates vs Actual (Million)

Item Q3 2023 (e) Q3 2023 (a) Change
Al Rajhi Capital 53.00 (69.41) (231.0) %
U-Capital 36.20 (69.41) (291.7) %


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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