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Oracle shares up 35%

Huge AI contracts lead to the surge.

ADCB to raise $1.66bn

The rights issue aimed at boosting growth.

EGA H1 revenue $4.11bn

Net profit before GAC $445 million.

Borouge to pay $660m H1 dividend

Its net profit for H1 was $474 million.

TAQA secures $2.31bn loan

It will be utilized in a phased manner.

MIS net profit $7.1m in 9M 2023

The lower profit was attributed to an increase in impairment loss on contract assets and trade receivables during the quarter. (MIS)
By Hilal Mir
November 10, 2023 4:22 pm
  • The lower profit was attributed to an increase in impairment loss on contract assets and trade receivables during the quarter, Argaam reported.
  • In Q3 2023, the company swung to a net loss of SAR 69.4 million against a net profit of SAR 25 million in Q3 2022.

Riyadh, Saudi Arabia — Al Moammar Information Systems Co. (MIS) recorded a net profit of SAR 26.7 million ($7.1 million) in the first nine months of 2023, down from SAR 46.5 million ($12.39 million) in the prior-year period.

The lower profit was attributed to an increase in impairment loss on contract assets and trade receivables during the quarter, Argaam reported.

In Q3 2023, the company swung to a net loss of SAR 69.4 million against a net profit of SAR 25 million in Q3 2022.

MIS turned to losses from a net profit of SAR 49.5 million in Q2 2023.

Total shareholders’ equity, no minority interest, declined to SAR 317.12 million as of Sept. 30, 2023, up from SAR 321.61 million in the prior-year period, Argaam reported.

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