Financial Results : SRMG’s H1 2022 profit up 24% to SAR 281.2 mln; Q2 jumps 25% to SAR 168.7 mln

SRMG’s H1 2022 profit up 24% to SAR 281.2 mln; Q2 jumps 25% to SAR 168.7 mln

16/08/2022 Argaam Exclusive

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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.



Financials (M)

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.



Current Quarter Comparison (M)

Compared With The
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 %

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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