- The company’s profit decline is attributed to credit provisions of SR15 million
RIYADH: Saudi information technology, firm Al Moammar Information Systems Co., or MIS, expects profitability to rise in 2022, despite a significant decline in 2021.
This value of its contracts and projects in progress reached SR2.5 billion ($666 million), which is a record high for the company, Vice Chairman, Ibrahim Al-Moammar, said in an interview with Al-Arabiya.
MIS recently reported a 34 percent decline in net profit to SR56.5 million for 2021 from SR85.1 million a year earlier.
The company’s profit decline is attributed to credit provisions of SR15 million, in spite of strong operating profits, according to Al-Moammar.
MIS is working on improving its debt collection to assist in reversing provisions, as well as attracting several new projects.
This would contribute to strong profit growth, which would benefit the company’s performance and financial standing overall.