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FinancialNews
08-11-22
TASI closes with earns on robust revenue, MIS falls despite 69 percent income jump in Q3
(MENAFN) Saudi Arabia’s benchmark index closed Monday in positive territory, because of robust performance as gaining season close to an end.
The Tadawul All Share Index earned 0.67 percent to close at 11,598, whereas the similar market, Nomu, decreased 0.58 percent to end at 19,500.
Al Moammar Information Systems Co. dropped 4 percent, in spite of recording a 69 percent jump in third-quarter revenues to SR25 million (USD6.6 million), driven by profit surge.
In a gathering with Argaam, the data technology giant’s CEO mentioned that the third quarter’s incomes are massively caused from deals with government agencies, which constitute 65 percent of profit.
In the July-September of this year, the worth of under-way ventures reached SR2.4 billion, Abdullah AlGhamdi noted, estimating additional ventures to be valued at SR400-500 million in the last quarter.
The head official stated that the outcomes indicate important and nonstop development in the Firm’s business, and estimated this expansion and development to carry on as the firm is capable to turn a robust stack of business and deals into profits to surge efficiency.
MENAFN08112022000045014228ID1105146589
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