MBC Group earns SAR 65.3M in 2023

27/03/2024 Argaam Exclusive

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MBC Group Co. reported net profits before minority interest of SAR 65.3 million in 2023, compared to SAR 35 million a year before.

Financials (M)

Item	2022	2023	Change‬
Revenues	3,488.73	3,703.90	6.2 %
Gross Income	641.14	921.27	43.7 %
Operating Income	(174.06)	(87.31)	49.8 %
Net Income	34.97	65.29	86.7 %
Average Shares	299.25	299.25	-
EPS (Riyals)	0.12	0.22	86.7 %

MBC Group recorded higher revenue, supported by growth across all its income-generating activities.

The subscriber base of the Shahid platform increased by 40% year-on-year (YoY) to 3.98 million. The group witnessed growth in digital advertising revenue, supported by the growth of Shahid, which also narrowed losses in 2023.

The group does not have comparative figures, as the current reporting period begins from the date of establishment (April 20, 2023) until the end date of the period (December 31, 2023).

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬

Item	Q3 2023	Q4 2023	Change‬
Revenues	649.34	1,054.85	62.4 %
Gross Income	174.73	298.27	70.7 %
Operating Income	(42.18)	(41.84)	0.8 %
Net Income	5.76	13.26	130.4 %
Average Shares	299.25	299.25	-
EPS (Riyals)	0.02	0.04	130.4 %

Shareholders' equity, after minority interest, reached SAR 3.77 billion as of Dec. 31, 2023.

Attached Documents

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