MIS logs 56% higher profits in Q3

The growth in profits was boosted by a rise in revenue

Riyadh – Mubasher: The net profits of Al Moammar Information Systems (MIS) Company grew by 56.4% year-on-year (YoY) in the third quarter (Q3) of 2020, reaching SAR 22.5 million.

The growth in profits was boosted by a rise in revenue and gross profits by 2.1% and 34.8%, respectively. Revenues for Q3-20 reached SAR 234.8 million and gross profits totalled SAR 44.63 million, according to a bourse disclosure on Thursday.

Furthermore, selling and marketing expenses as well as general and administrative expenses rose by 22.4% and 45%, respectively, while financing costs grew by 24%.

In the first nine months of the year, the profits stood at SAR 63.84 million, up by 63.1% YoY.

Source: Mubasher

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