SRMG profit up 8% to SAR 302.6 mln in H1 2023; Q2 at SAR 181.6 mln

02/08/2023 Argaam Exclusive

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Saudi Research and Media Group’s (SRMG) net profit rose 8% to SAR 302.6 million in H1 2023, from SAR 281.2 million in H1 2022.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	1,693.59	1,859.49	9.8 %
Gross Income	590.44	617.16	4.5 %
Operating Income	318.83	358.61	12.5 %
Net Income	281.24	302.59	7.6 %
Average Shares	80.00	80.00	-
EPS (Riyals)	3.52	3.78	7.6 %

SRMG reported an increase in the six-month period gross profit, primarily due to a 9.8% year-on-year (YoY) rise in revenue. Meanwhile, the company said that direct costs for the current period increased on a YoY basis, due to operating costs of certain projects in line with the announced strategy.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	907.25	974.85	7.5 %
Gross Income	328.82	337.98	2.8 %
Operating Income	187.68	215.28	14.7 %
Net Income	168.72	181.61	7.6 %
Average Shares	80.00	80.00	-
EPS (Riyals)	2.11	2.27	7.6 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	884.64	974.85	10.2 %
Gross Income	279.18	337.98	21.1 %
Operating Income	143.33	215.28	50.2 %
Net Income	120.97	181.61	50.1 %
Average Shares	80.00	80.00	-
EPS (Riyals)	1.51	2.27	50.1 %

In Q2 2023, the company’s net profit grew by 8% to SAR 181.6 million from SAR 168.72 million in the prior-year period. Gross profit improved on a 7.5% YoY increase in revenue despite higher direct costs.

SRMG’s net profit jumped 50.1% from SAR 120.97 million in Q1 2023, thanks to a 21.1% jump in gross profit.

Total shareholders’ equity, after minority interest, rose to SAR 2.92 billion as of June 30, 2023, from SAR 2.31 billion in the earlier-year period.

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