SRMG 2021 profit rises to SAR 537 mln; Q4 at SAR 106 mln

30/03/2022 Argaam Exclusive

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Saudi Research and Media Group (SRMG) reported a net profit after Zakat and tax of SAR 537 million for 2021, compared with SAR 245.6 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	2,260.09	3,045.97	34.8 %
Gross Income	748.08	1,082.14	44.7 %
Operating Income	344.80	620.81	80.0 %
Net Income	245.65	537.02	118.6 %
Average Shares	80.00	80.00	-
EPS (Riyals)	3.07	6.71	118.6 %

The profit growth was driven by a 34.8% increase in revenue, although the direct costs grew due to the operating costs of certain projects in line with the announced strategy.

The fourth-quarter net earnings reached SAR 106.04 million, three-fold higher than SAR 29.20 million in the year-earlier period.

Sequentially, Q4 2021 earnings fell 48.2% from SAR 204.88 million in the previous quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	631.26	932.49	47.7 %
Gross Income	193.96	251.62	29.7 %
Operating Income	65.70	120.51	83.4 %
Net Income	29.20	106.06	263.3 %
Average Shares	80.00	80.00	-
EPS (Riyals)	0.36	1.33	263.3 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	813.93	932.49	14.6 %
Gross Income	350.46	251.62	(28.2 %)
Operating Income	222.91	120.51	(45.9 %)
Net Income	204.88	106.06	(48.2 %)
Average Shares	80.00	80.00	-
EPS (Riyals)	2.56	1.33	(48.2 %)

Total shareholders’ equity, after minority interest, reached SAR 2.066 billion at the end of 2021, compared with SAR 1.527 billion a year earlier.

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