Financial Results : SRMG Q1 2023 profit grows 8% to SAR 121 mln

SRMG Q1 2023 profit grows 8% to SAR 121 mln

21/05/2023 Argaam Exclusive

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Saudi Research and Media Group (SRMG) reported an 8% rise in Q1 2023 net profit to SAR 121 million, from SAR 112.5 million in the prior-year period. The higher profit was driven by a 12.5% rise year-on-year (YoY) in revenue and better finance income.

 

On the other hand, direct costs increased in Q1 2023, mainly due to operating costs of certain projects in line with the announced strategy.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 786.34 884.64 12.5 %
Gross Income 261.63 279.18 6.7 %
Operating Income 131.15 143.33 9.3 %
Net Income 112.51 120.97 7.5 %
Average Shares 80.00 80.00 -
EPS (Riyals) 1.41 1.51 7.5 %

SRMG posted a flat first-quarter net profit compared to Q4 2022. Meanwhile, revenues dropped 12.7% on a sequential basis, with gross profit rising 5.2%.

 

Shareholders’ equity, after minority interest, rose to SAR 2.81 billion as of March 31, 2023, from SAR 2.15 billion in the year-earlier period

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