MIS’ audited profit drops SAR 10.9M to SAR 105M in H1 2024

MIS’ audited profit drops SAR 10.9M to SAR 105M in H1 2024

11/08/2024 Argaam Exclusive

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Al Moammar Information Systems Co. (MIS) made an audited net profit of SAR 105 million in the first half of 2024, compared to SAR 96 million in the corresponding period of 2023.

On Aug, 11, the IT firm posted a preliminary net profit of SAR 116 million. The variation was attributed to the additional expenses related to finance costs that reached SAR 10.9 million.


Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 810.21 684.05 (15.6 %)
Gross Income 155.37 132.06 (15.0 %)
Operating Income 112.97 69.45 (38.5 %)
Net Income 96.07 104.83 9.1 %
Average Shares 30.00 30.00 -
EPS (Riyals) 3.20 3.49 9.1 %

This was attributed to recording SAR 80 million earnings from the disposal of some shares in its associate company, Edarat, and the valuation of data centers units. However, revenues declined by 16% year-on-year (YoY) on lower revenues from some operations.  



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 372.73 350.55 (6.0 %)
Gross Income 78.92 78.12 (1.0 %)
Operating Income 58.93 39.55 (32.9 %)
Net Income 49.50 31.74 (35.9 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 1.65 1.06 (35.9 %)
In Q2 2024, MIS net profit  fell 35.4% to SAR 32 million from SAR 49.50 million in Q2 2023 on a 6% YoY revenue decline, lower gross profit, as well as higher operating and financing costs.
On a quarterly basis, net income fell from SAR 73.09 million in Q1 2024.
Total shareholders' equity, no minority interest as of Aug. 11, reached SAR 413 million by the end of H1 2024, down from SAR 431 million in the prior-year period.


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q1 2024 333.51 (23.8 %) 53.94 (29.4 %) 29.90 (44.7 %)
Q2 2024 350.55 (6.0 %) 78.12 (1.0 %) 39.55 (32.9 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
Q1 2024 73.09 57.0 % 2.44 57.53 15.56 0.52
Q2 2024 31.74 (35.9 %) 1.06 16.34 15.40 0.51

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2024 16.47 % 3.23 % (1.26 %)
Q2 2024 16.68 % 1.82 % (3.83 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2024 30.00 1.35 (0.57) 11.92
Q2 2024 30.00 0.76 (1.70) 13.40

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2024 More than 100 NEG 12.12
Q2 2024 More than 100 NEG 12.24

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 Subsidiaries
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 -
Q1 2024 174.91 56.10 51.02 29.53 8.91 10.65 2.39 -
Q2 2024 127.44 74.02 71.22 33.97 25.94 6.21 4.59 7.15

Analysts Estimates (Million)

Item Q2 2024 (e) Q2 2024 (a) Change‬
Average 19.43 31.74 63.33 %

Estimates vs Actual (Million)

Item Q2 2024 (e) Q2 2024 (a) Change
Al Rajhi Capital 24.00 31.74 32.2 %
U-Capital 23.30 31.74 36.2 %
United Securities Company 11.00 31.74 188.5 %

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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