Saudi: MIS obtains board’s approval to invest in AI

Saudi: MIS obtains board’s approval to invest in AI

Riyadh - The board of Al Moammar Information Systems Company (MIS) agreed to invest in international companies operating in the AI field, according to a bourse filing. MIS plans to allocate SAR 40 million to establish an investment portfolio to benefit from the growth in opportunities in the AI industry. In November 2023, the listed company inked a SAR 34.08 million contract with the Saudi Data and Artificial Intelligence Authority (SDAIA). During the first nine months (9M) of 2023, MIS registered 42.70% year-on-year (YoY) lower net profits after Zakat and tax at SAR 26.66 million, compared to SAR 46.53 million. Revenues hiked by 145.87% to SAR 1.17 billion in 9M-23 from SAR 476.43 million in 9M-22, while the earnings per share (EPS) dropped to SAR 0.89 from SAR 1.55. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (Syndigate.info). Saudi: MIS obtains board’s approval to invest in AI