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.