Financial Results : SRMG posts SAR 246.1 mln net profit in FY2019

SRMG posts SAR 246.1 mln net profit in FY2019

26/03/2020 Argaam Exclusive

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Saudi Research and Marketing Group’s (SRMG) net profit after Zakat and tax jumped more than two-fold year-on-year (YoY) to SAR 246.1 million for fiscal year 2019, from SAR 84.6 million a year earlier.



Financials (M)

Item 2018 2019 Change‬
Revenues 2,090.89 2,409.64 15.2 %
Gross Income 619.65 725.69 17.1 %
Operating Income 120.01 310.70 158.9 %
Net Income 84.61 246.12 190.9 %
Average Shares 80.00 80.00 -
EPS (Riyals) 1.06 3.08 190.9 %

The company attributed the increase to higher gross profit, a revenue growth of 15.7%, as well as lower selling and marketing costs, and general and administrative expenses.

 

In contrast, SRMG reported higher direct costs driven by a rise in operating costs of some projects.

 

In Q4 2019, the company posted a net profit of SAR 11.1 million compared to a net loss of SAR 50 million in Q4 2018.



Current Quarter Comparison (M)

Compared With The
Item Q4 2018 Q4 2019 Change‬
Revenues 646.01 616.24 (4.6 %)
Gross Income 140.73 150.16 6.7 %
Operating Income (38.96) 33.52 186.0 %
Net Income (50.06) 11.07 122.1 %
Average Shares 80.00 80.00 -
EPS (Riyals) (0.63) 0.14 122.1 %

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