SRMG 9M 2023 net profit rises 5% to SAR 551.5 mln; Q3 at SAR 249 mln

08/11/2023 Argaam Exclusive

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Saudi Research and Media Group (SRMG) reported a net profit of SAR 551.5 million for the first nine months of 2023, an increase of 5% from SAR 527.8 million in the year-earlier period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	2,696.31	2,914.15	8.1 %
Gross Income	987.51	998.81	1.1 %
Operating Income	588.62	624.58	6.1 %
Net Income	527.77	551.54	4.5 %
Average Shares	80.00	80.00	-
EPS (Riyals)	6.60	6.89	4.5 %

The company reported 8.1% year-on-year (YoY) growth in revenue, even as direct costs rose YoY on higher operating costs.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	1,002.72	1,054.66	5.2 %
Gross Income	397.07	381.65	(3.9 %)
Operating Income	269.79	266.99	(1.0 %)
Net Income	246.53	248.96	1.0 %
Average Shares	80.00	80.00	-
EPS (Riyals)	3.08	3.11	1.0 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	974.85	1,054.66	8.2 %
Gross Income	337.98	381.65	12.9 %
Operating Income	215.28	266.99	24.0 %
Net Income	181.61	248.96	37.1 %
Average Shares	80.00	80.00	-
EPS (Riyals)	2.27	3.11	37.1 %

Q3 2023 net earnings inched up 1% to SAR 249 million, from SAR 246.5 million, driven by a 5.2% increase YoY in revenue.

On a quarterly basis, net profit increased 37.1% from SAR 181.61 million.

Total shareholders’ equity, after minority interest, stood at SAR 3.17 billion by Sept. 30, 2023, compared to SAR 2.51 billion in the prior-year period.

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