SRMG net profit down 15% to SAR 140 mln in H1 2020

20/08/2020 Argaam Exclusive

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Saudi Research and Marketing Group (SRMG) reported a net profit after Zakat of SAR 140 million for the first half of 2020, a 15% year-on-year (YoY) decline from SAR 165.5 million in the same period last year.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	1,086.47	1,051.75	(3.2 %)
Gross Income	374.38	354.71	(5.3 %)
Operating Income	180.32	167.57	(7.1 %)
Net Income	165.50	139.98	(15.4 %)
Average Shares	80.00	80.00	-
EPS (Riyals)	2.07	1.75	(15.4 %)

The decline in net profit was attributed to lower revenue, higher Zakat expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	554.84	556.50	0.3 %
Gross Income	185.70	201.87	8.7 %
Operating Income	87.70	106.18	21.1 %
Net Income	85.62	75.25	(12.1 %)
Average Shares	80.00	80.00	-
EPS (Riyals)	1.07	0.94	(12.1 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	495.25	556.50	12.4 %
Gross Income	152.84	201.87	32.1 %
Operating Income	61.38	106.18	73.0 %
Net Income	64.73	75.25	16.3 %
Average Shares	80.00	80.00	-
EPS (Riyals)	0.81	0.94	16.3 %

The group reported a net profit of SAR 75.3 million for Q2 2020, a 12% YoY decline on higher Zakat expenses.

When compared to previous quarter, net profit rose 16.4% due to lower cost of sales and lower selling and distribution expenses.

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