SRMG 9M 2022 net profit up 23% to SAR 527.8 mln; Q3 at SAR 246.5 mln

07/11/2022 Argaam Exclusive

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Saudi Research and Media Group (SRMG) reported a net profit after Zakat and tax of SAR 527.8 million for the first nine months of 2022, an increase of 23% from SAR 430.9 million in a year earlier period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	2,113.48	2,696.31	27.6 %
Gross Income	830.52	987.51	18.9 %
Operating Income	500.31	588.62	17.7 %
Net Income	430.96	527.77	22.5 %
Average Shares	80.00	80.00	-
EPS (Riyals)	5.39	6.60	22.5 %

This profit growth was fueled by stronger gross profit and a revenue increase of 27.6% year-on-year (YoY), despite higher direct costs due to recording operating costs of certain projects in line with the announced strategy.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	813.93	1,002.72	23.2 %
Gross Income	350.46	397.07	13.3 %
Operating Income	222.91	269.79	21.0 %
Net Income	204.88	246.53	20.3 %
Average Shares	80.00	80.00	-
EPS (Riyals)	2.56	3.08	20.3 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	907.25	1,002.72	10.5 %
Gross Income	328.82	397.07	20.8 %
Operating Income	187.68	269.79	43.8 %
Net Income	168.72	246.53	46.1 %
Average Shares	80.00	80.00	-
EPS (Riyals)	2.11	3.08	46.1 %

Q3 2022 net profit rose 20% YoY to SAR 246.5 million, from SAR 204.88 million, driven by higher gross profit, a revenue increase of 23.2% YoY, despite higher direct costs.

On a sequential basis, net profit jumped 46%, from SAR 168.72 million.

Total shareholders’ equity, excluding minority interest, reached SAR 2.517 billion as of Sept. 30, 2022, compared to SAR 1.958 billion in a prior-year period.

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