The quarterly profit of Al-Muammar Information Systems Company increased by 24.5%, to reach 16.85 million riyals in the second quarter of 2022, compared to 13.53 million riyals in the second quarter of 2021.
According to Arabia Net, on a quarterly basis, profits rose 266.3%, compared to 4.6 million riyals in the previous quarter.
In a statement published on the Saudi Tadawul Group website, MIS said that the reason for the increase in net profit during the current quarter compared to the same quarter of the previous year is due to reasons, including an increase in revenues during the current quarter of 2022 AD, where revenues during the current quarter amounted to 171.03 million riyals. Compared to 148.16 million riyals in the same quarter of last year, an increase of 15%.
The company also recorded a total profit of 48.21 million riyals during the current quarter, compared to 34.85 million riyals in the same quarter of last year, an increase of 38%.
The reason for the increase was attributed to revenue growth and improved operational efficiency across all business segments.
During the first half of 2022, the company achieved a net profit of 21.45 million riyals, compared to 22.83 million riyals in the first half of 2021, a decrease of 6%.
The company attributed the decline in profits in the first half of 2022, to the decline in the results of the first quarter with an increase in operating expenses, including an increase in employee compensation, professional fees for a third party, marketing expenses and an increase in zakat provision during the current half of the year.
