SRMG 9M 2021 net profit up 99% to SAR 431 mln

09/11/2021 Argaam Exclusive

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Saudi Research and Media Group (SRMG) reported a net profit after Zakat and tax of SAR 431 million for the first nine months of 2021, up 99% from SAR 216.5 million in the same period last year.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	1,628.84	2,113.48	29.8 %
Gross Income	554.12	830.52	49.9 %
Operating Income	279.10	500.31	79.3 %
Net Income	216.45	430.96	99.1 %
Average Shares	80.00	80.00	-
EPS (Riyals)	2.71	5.39	99.1 %

The company attributed the rise in profit to higher gross profit, backed by increase in revenue.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	577.09	813.93	41.0 %
Gross Income	199.41	350.46	75.7 %
Operating Income	111.54	222.91	99.9 %
Net Income	76.48	204.88	167.9 %
Average Shares	80.00	80.00	-
EPS (Riyals)	0.96	2.56	167.9 %

Item	Q2 2021	Q3 2021	Change‬
Revenues	702.74	813.93	15.8 %
Gross Income	271.66	350.46	29.0 %
Operating Income	161.80	222.91	37.8 %
Net Income	134.55	204.88	52.3 %
Average Shares	80.00	80.00	-
EPS (Riyals)	1.68	2.56	52.3 %

The company reported a net profit after Zakat and tax of SAR 204.9 million for Q3 2021, a more than two-fold year-on-year (YoY) rise, driven by higher gross profit.

When compared to previous quarter, third-quarter net profit grew by 52.2%.

Total shareholders’ equity, excluding minority interest, stood at SAR 1.958 billion by the end of 9M 2021 compared to SAR 1.483 billion in the year-ago period.

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