MIS posts relatively strong results in Q1 2021, aims to maintain business growth: CEO

 Ziad Mortaja, CEO of MIS

Al Moammar Information Systems (MIS) reported relatively strong results for the first quarter of 2021, despite the current conditions, CEO Ziad Mortaja told Argaam in a telephone interview.

He expects better quarterly performance going forward.

The company aims to maintain profitability and business growth. It also remains committed to its previously-announced dividend policy, and aims to maintain its cash dividends after raising capital, unless there are material changes to market conditions.

MIS allocated SAR 175,000 provisions by the end of Q1 2021, bringing up its total provisions to SAR 21.3 million to cover all liabilities and overdue invoices by clients.

The company is expected to maintain profit in the second quarter of the year, Mortaja said, adding that it is looking forward for better performance, when compared to the first quarter.

Commenting on the establishment of a limited liability company in the field of health and medical equipment, Mortaja explained that the new contracts will be different from the ones already signed. The new entity mainly seeks to sell all types of medical equipment, which is different from MIS’ current business that is related to information systems and technology solutions.

Elsewhere, Mortaja added that the deal between MIS and BMC Software is a long-term agreement, expecting robust sales and profit, in light of the continuous growth and expansion in cloud computing applications.

MIS reported a net profit after Zakat and tax of SAR 16 million for Q1 2021, a decline of 5% from SAR 16.9 million in the same period last year, Argaam reported.