Saudi Research and Media Group (SRMG) reported an 8% rise in Q1 2023 net profit to SAR 121 million, from SAR 112.5 million in the prior-year period. The higher profit was driven by a 12.5% rise year-on-year (YoY) in revenue and better finance income.
On the other hand, direct costs increased in Q1 2023, mainly due to operating costs of certain projects in line with the announced strategy.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 786.34 | 884.64 | 12.5 % |
| Gross Income | 261.63 | 279.18 | 6.7 % |
| Operating Income | 131.15 | 143.72 | 9.6 % |
| Net Income | 112.51 | 120.97 | 7.5 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 1.41 | 1.51 | 7.5 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 1,013.53 | 884.64 | (12.7 %) |
| Gross Income | 265.26 | 279.18 | 5.2 % |
| Operating Income | 140.32 | 143.72 | 2.4 % |
| Net Income | 121.03 | 120.97 | 0.0 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 1.51 | 1.51 | 0.0 % |
SRMG posted a flat first-quarter net profit compared to Q4 2022. Meanwhile, revenues dropped 12.7% on a sequential basis, with gross profit rising 5.2%.
Shareholders’ equity, after minority interest, rose to SAR 2.81 billion as of March 31, 2023, from SAR 2.15 billion in the year-earlier period
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