Financial Results : SRMG posts 23% profit jump to SAR 112.5 mln in Q1 2022

SRMG posts 23% profit jump to SAR 112.5 mln in Q1 2022

18/05/2022 Argaam Exclusive

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Saudi Research and Media Group (SRMG) reported a net profit after Zakat and tax of SAR 112.5 million for the first quarter of 2022, a rise of 23% from SAR 91.5 million in the year-ago period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 596.81 786.34 31.8 %
Gross Income 208.41 261.63 25.5 %
Operating Income 115.61 131.15 13.4 %
Net Income 91.53 112.51 22.9 %
Average Shares 80.00 80.00 -
EPS (Riyals) 1.14 1.41 22.9 %

The profit growth was driven by higher gross profit, resulting mainly from an increase of 31.8% year-on-year (YoY) in revenue. On the other hand, direct costs increased compared to Q1 2021, mainly due to operating costs of certain projects in line with the previously-announced strategy.

 

Compared to Q4 2021, net profit after Zakat and tax grew by 6% from SAR 106 million, backed by a 15.6% rise in gross profit.

 

Total shareholders’ equity, after minority interest, jumped 32% to SAR 2.174 billion in the three-month period, compared to SAR 1.647 billion a year earlier.

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