Financial Results : SRMG's 2023 net profit at SAR 559.6M, Q4 at SAR 8.1M

SRMG's 2023 net profit at SAR 559.6M, Q4 at SAR 8.1M

28/03/2024 Argaam Exclusive

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Saudi Research and Media Group (SRMG) reported a net profit of SAR 559.6 million for 2023, compared to SAR 648.8 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 3,709.84 3,746.23 1.0 %
Gross Income 1,252.77 1,162.61 (7.2 %)
Operating Income 728.94 605.70 (16.9 %)
Net Income 648.79 559.62 (13.7 %)
Average Shares 80.00 80.00 -
EPS (Riyals) 8.11 7.00 (13.7 %)

The profit decline was due to lower revenues of the printing and packaging segment and the goodwill impairment associated with the same segment, in addition to the operating costs of certain projects.

 

Meanwhile, revenues increased by 0.98% year-on-year on strong revenues from the publishing, visual and digital content segment as well as other segments.

 


Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 1,013.53 832.08 (17.9 %)
Gross Income 265.26 163.79 (38.3 %)
Operating Income 140.32 (7.19) (105.1 %)
Net Income 121.03 8.08 (93.3 %)
Average Shares 80.00 80.00 -
EPS (Riyals) 1.51 0.10 (93.3 %)

Q4 2023 earnings reached SAR 8.1 million, down 93.3% from SAR 121.03 million in the year-earlier period.

 

On a sequential basis, net profit fell 96.8% from SAR 248.96 million.

 

Total shareholders’ equity, after minority interest, stood at SAR 3.08 billion by Dec. 31, 2023, compared to SAR 2.65 billion a year ago.

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