Al Moammar Information Systems Co. reported a 12% year-on-year net profit increase in 2018.
The Saudi firm’s net profits amounted to SAR 134 million ($35.73 million) last year, compared to SAR 119 million ($31.73 million) in 2017, according to a report issued on Tuesday.
Revenues from contracts surged 18%, or SAR 135 million, to SAR 886 million in 2018 from SAR 751 million in the previous year.
The growth in revenues was ascribed to an increase in the value of deals with the government and private sectors in 2018 and a 33% hike in revenues from higher computer sales and maintenance services.
The Saudi firm’s net income rose 25% to SAR 65 million in 2018 from SAR 52 million in the prior year, supported by the company’s higher earned revenues, profits, and volume of business activities.
In addition, financing costs surged 38% year-on-year to SAR 14 million in 2018.