The profits of Al-Muammar Information Systems Company “MIS” in Saudi Arabia increased in 2022, to 95.8 million riyals, compared to 56.4 million riyals in 2021, a growth rate of 69.7%.
Al-Moammar Information Systems said, in a statement posted on the Tadawul Group website, that it recorded sales revenues of 789.62 million riyals in 2022, compared to 638.82 million riyals in 2021, recording a growth rate of 24%. The increase is attributed to the growth in the core operations in all business sectors of the company and the services provided.
Al-Moammar Information Systems Company recorded total profits of 202.77 million riyals during the current year, compared to 166.72 million riyals during the previous year, recording a growth rate of 22%, which is attributed to the increase in revenues and operational efficiency.
The company achieved a return from selling some of its shares in the management company, at a value of 15.24 million riyals.
The increase in net profit is due to the growth in revenues and the increase in operational efficiency during the current year, despite the increase in operating expenses.
Al-Moammar Information Systems Company stated that a provision of 1.7 million riyals was taken during the year, compared to 18.47 million riyals in 2021 AD, as a result of the remarkable improvement in collection.
The total comprehensive income during the current year amounted to 98.44 million riyals, compared to 56.21 million riyals during the previous year, recording an increase of 75%.