SRMG net profit down 8% to SAR 216.5 mln in 9M 2020

09/11/2020 Argaam Exclusive

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Saudi Research and Marketing Group (SRMG) reported a net profit after Zakat of SAR 216.5 million for the first nine months of 2020, an 8% decline from SAR 235 million in the same period last year.

The decline in net profit was attributed to lower gross profit and revenues. Higher Zakat expenses also weighed on the nine-month results.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	1,793.41	1,628.84	(9.2 %)
Gross Income	575.53	554.12	(3.7 %)
Operating Income	277.18	279.10	0.7 %
Net Income	235.05	216.45	(7.9 %)
Average Shares	80.00	80.00	-
EPS (Riyals)	2.94	2.71	(7.9 %)

The group reported a net profit of SAR 76.5 million for Q3 2020, a 10% year-on-year (YoY) rise driven by higher operating income, as well as lower selling, general and administrative (SG&A) expenses.

When compared to previous quarter, net profit grew by 1.6%, thanks to a decline in SG&A.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	706.93	577.09	(18.4 %)
Gross Income	201.15	199.41	(0.9 %)
Operating Income	96.86	111.54	15.2 %
Net Income	69.54	76.48	10.0 %
Average Shares	80.00	80.00	-
EPS (Riyals)	0.87	0.96	10.0 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	556.50	577.09	3.7 %
Gross Income	201.87	199.41	(1.2 %)
Operating Income	106.18	111.54	5.0 %
Net Income	75.25	76.48	1.6 %
Average Shares	80.00	80.00	-
EPS (Riyals)	0.94	0.96	1.6 %

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