Al-Moammar Information Systems Co. concludes 2019 with growth of 22.6% in gross profit

Al Moammar Information Systems (MIS), the first Saudi public listed company in the category of Information Technology, announced its financial results for the year 2019. MIS achieved significant growth in total income of 22.6% – compared to last year – amounting to 163.82mn Saudi Riyals. In contrast to the same period of the previous year, the company’s total income amounted to 133.62mn Saudi Riyals. Such steady and solid growth is reflected in the company’s financial position with regards to the increase in the earnings per share of 6.26 Saudi Riyals – whereas earnings per share amounted to 5.37 Saudi Riyals in 2018.

Commenting on these results, MIS Chairman Mr. Khalid Al-Moammar, stated, “The growth in our results for the year 2019 represents our turning point from being a closed family joint stock company, to a public joint stock company. Our internal operations have evolved significantly, following the application of corporate governance controls for public shareholding companies in the Saudi financial market. This has enhanced our projects’ business cycles to operate more efficiently and to achieve further growth.”

He added, “There is no doubt that we have benefited significantly from the growth witnessed by the Kingdom, in terms of developing its comprehensive digital infrastructure to keep pace with KSA Vision 2030. We consider that the growth in demand and expenditure within the Saudi market – which ranks second in the Middle East and Africa – will help us to achieve further growth in the coming years.”

Strategic Development

Furthermore, MIS CEO Mr. Ziad Mortaja noted, “Within the comprehensive restructuring that we began during 2018 for our internal business cycle, we have also expanded the processes of providing consulting services and technical professionals, which was accompanied by a significant development in our technical capabilities. This, in turn, was directly reflected in our profits, as the returns of these services were high in comparison to other activities led by the company. This also strengthened our presence in the market as a consultant that provides immense added value to our customers.”

Mortaja added, “2019 witnessed a major expansion of the company in terms of increasing the national workforces operating within the company, not to mention investing in training and technical qualification for workers, as well as launching many local and regional marketing initiatives. We also had our primary participation in the GITEX Exhibition held in Dubai, where all our initiatives were crowned for great success, which contributed to achieving noteworthy growth in our returns and profits.”

It is worth noting that the company contains seven main business units, which ranges from technical solutions, systems and networks, information security, business sector services and digital services, in addition to operation and maintenance services. MIS is currently strengthening their consulting and professional services arm, where they were recently awarded as the first Platinum Partner in the field of providing professional services to ‘WMWare’ in Saudi Arabia. MIS is also working to establish a business unit specialized in digital transformation to keep pace with the technologies of Artificial Intelligence (AI), and the transition towards cloud computing and the Internet of Things (IoT), and its related capabilities and modern technologies that are building towards a Digital Knowledge Economy.