SRMG makes SAR 168.3M profit in H1 2024; Q2 at SAR 81.4M

Saudi Research and Media Group (SRMG) reported a net profit of SAR 168.3 million in the first half of 2024, compared to SAR 302.6 million in the year-earlier period.

The first-half net profit was hurt by a 10.44% drop year-on-year (YoY) in revenue to SAR 1.66 billion.

The decline was primarily attributed to a decrease in revenue from the public relations and advertising segment and publishing and visual and digital content segment, in addition to the decrease in revenues from the printing and packaging segment.

SRMG also reported a 22.01% YoY fall in gross profit, in addition to the recognition of impairment losses from property, equipment and unproductive spare parts inventory associated to the printing and packaging segment during the current period.

In Q2 2024, net earnings fell 55% to SAR 81.4 million, from SAR 181.6 million in the second quarter of 2023 as topline decreased by 12.75% YoY.

Gross profit also went down, mainly due to lower revenue from the public relations and advertising segment and publishing and visual and digital content segment, in addition to the recognition of impairment losses from property, equipment and unproductive spare parts inventory associated to the printing and packaging segment during the current period.

SRMG’s net profit also decreased by 6.3% quarter-on-quarter (QoQ) from SAR 86.8 million in Q1 2024 on lower gross profit and impairment losses from property, equipment and unproductive spare parts inventory associated to the printing and packaging segment during the current period.

Shareholders’ equity, after minority interest, reached SAR 3.16 billion by June 30, 2024, up from SAR 2.92 billion in the prior-year period.

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