RIYADH: Al Moammar Information Systems Co. is expected to win more than SR3 billion ($798 billion) in contracts by the end of the year, which will boost the company’s performance, CEO Abdullah AlGhamdi told Argaam.
The company has received new projects worth up to SR2.2 billion this year, as opposed to approximately SR850 million last year; the backlog is nearly SR 2.7 billion, compared to SR1.2 billion in 2021.
The information technology company reported a 6 percent decline in profits for the first half of 2022 to reach SR21 million.
MIS's performance is expected to improve rapidly in the second half of 2022, reaching triple digits, according to the CEO.
By the end of 2022, it is expected that MIS will report record profits, with the completion of ongoing projects.
In the first half, MIS had almost SR416 million in debt, the CEO explained, adding that all debts were related to project implementation.
The company’s cash balance ended the first six months of the year at SR192 million, reflecting its robust balance sheet.
On the other hand, securing loans under improved terms from borrowers enabled MIS to minimize any material impact of higher interest rates, AlGhamdi said.
