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TSMC Q2 profit up 60%

TSMC is the world's largest contract maker of chips.

ADNOC shifts OMV stake to XRG

XRG is ADNOC's wholly-owned international investment company.

SIB H1 net profit $189m

The bank's total assets increased by $1.49 billion.

TSMC’s H1 revenue up 40 percent

Robust demand for AI technology behind the surge.

‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.

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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