Saudi IT firm Al Moammar sees slight decline in H1 profits to $6m

RIYADH: Al Moammar Information Systems Co. reported a 6 percent drop in profits for the first half of 2022, weighed down by poor first-quarter results.

MIS’s half-year profits reached SR21 million ($6 million), down from SAR23 million in the previous-year period, according to a bourse filing.

The IT firm blamed the decline on a 51 percent fall in first-quarter profits, as well as increases in operational expenses and adjustments to employee compensation.