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.
| 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.
| 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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