Saudi IT firm MIS reports 50% decline in profits as sales fall in first quarter

RIYADH: Saudi Arabia’s Al Moammar Information Systems Co. reported a 50 percent decline in first-quarter profit, dragged down by lower sales.

Known as MIS, the information technology firm’s net profit fell from SR9.3 million ($2.5 million) to SR4.6 million year-on-year, according to a bourse filing.

This came due to a revenue drop of 26 percent to SR107 million in the same period in addition to a rise in marketing, salary, and depreciation expenses.

Established in 1979, MIS is Saudi Arabia’s first listed information technology company.