Saudi Research and Media Group (SRMG) reported a 24% rise in H1 2022 net profit after Zakat and tax to SAR 281.2 million, compared to SAR 226.1 million in the year-ago period, thanks to an increase in gross profit, mainly from a 30.3% rise year-on-year (YoY) in revenue.
On the other hand, the direct costs for the current period increased compared to H1 2021, largely due to operating costs of certain projects in line with SRMG’s announced strategy.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 1,299.55 | 1,693.59 | 30.3 % |
| Gross Income | 480.06 | 590.44 | 23.0 % |
| Operating Income | 277.40 | 318.83 | 14.9 % |
| Net Income | 226.08 | 281.24 | 24.4 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 2.83 | 3.52 | 24.4 % |
The group’s second-quarter net profit after Zakat and tax leapt 25% to SAR 168.7 million, from SAR 134.55 million in Q2 2021, as gross profit increased, primarily on a rise of 29.1% YoY in revenue.
Compared to Q1 2022, net profit jumped 49.9% from SAR 112.51 million, driven by a 25,7% rise in gross profit.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 702.74 | 907.25 | 29.1 % |
| Gross Income | 271.66 | 328.82 | 21.0 % |
| Operating Income | 161.80 | 187.68 | 16.0 % |
| Net Income | 134.55 | 168.72 | 25.4 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 1.68 | 2.11 | 25.4 % |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 786.34 | 907.25 | 15.4 % |
| Gross Income | 261.63 | 328.82 | 25.7 % |
| Operating Income | 131.15 | 187.68 | 43.1 % |
| Net Income | 112.51 | 168.72 | 50.0 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 1.41 | 2.11 | 50.0 % |
Total shareholders’ equity, after minority interest, jumped 31.5% to SAR 2.314 billion as of June 30, 2022, compared to SAR 1.759 billion a year earlier.
Retained earnings stood at SAR 1.187 billion by the end of the six-month period.
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