SRMG profit rises 21% to SAR 648.8 mln in 2022, Q4 at SAR 121 mln

27/03/2023 Argaam Exclusive

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Saudi Research and Media Group (SRMG) reported a 21% rise in net profit to SAR 648.8 million for 2022, compared with SAR 537 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	3,045.97	3,709.84	21.8 %
Gross Income	1,082.14	1,252.77	15.8 %
Operating Income	620.81	728.94	17.4 %
Net Income	537.02	648.79	20.8 %
Average Shares	80.00	80.00	-
EPS (Riyals)	6.71	8.11	20.8 %

Gross profit edged higher in 2022 mainly due to a 21.8% year-on-year (YoY) increase in revenues. Meanwhile, direct costs went up due to the operating costs of certain projects, in line with the company’s strategy.

SRMG also noted an increase in finance income.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	932.49	1,013.53	8.7 %
Gross Income	251.62	265.26	5.4 %
Operating Income	120.51	140.32	16.4 %
Net Income	106.06	121.03	14.1 %
Average Shares	80.00	80.00	-
EPS (Riyals)	1.33	1.51	14.1 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	1,002.72	1,013.53	1.1 %
Gross Income	397.07	265.26	(33.2 %)
Operating Income	269.79	140.32	(48.0 %)
Net Income	246.53	121.03	(50.9 %)
Average Shares	80.00	80.00	-
EPS (Riyals)	3.08	1.51	(50.9 %)

The fourth-quarter net earnings reached SAR 121 million, up 14.1% YoY.

Sequentially, net profit slumped 50.9% from SAR 246.53 million in Q3 2022.

Total shareholders’ equity, after minority interest, reached SAR 2.65 billion at the end of 2022, compared with SAR 2.06 billion a year earlier.

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