Financial Results : SRMG makes SAR 86.9M profit in Q1 2024

SRMG makes SAR 86.9M profit in Q1 2024

15/05/2024 Argaam Exclusive

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Saudi Research and Media Group (SRMG) reported a net profit of SAR 86.9 million in Q1 2024, compared to SAR 121 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 884.64 814.86 (7.9 %)
Gross Income 279.18 229.89 (17.7 %)
Operating Income 143.33 123.39 (13.9 %)
Net Income 120.97 86.87 (28.2 %)
Average Shares 80.00 80.00 -
EPS (Riyals) 1.51 1.09 (28.2 %)

The topline declined by 7.89% year-on-year (YoY), due to lower revenue from the public relations and advertising segment, as well as the printing and packaging segment.

 

Gross profit also decreased, primarily due to lower revenue from the abovementioned segments, along with higher finance costs.

 

SRMG’s net profit skyrocketed from SAR 8.08 million in Q4 2023, mainly due to a 40.36% leap in gross profit and lack of goodwill impairment losses associated to the printing and packaging segment during the fourth quarter of 2023.

 

Total shareholders’ equity, after minority interest, stood at SAR 3.10 billion by March 31, 2024, compared to SAR 2.83 billion a year earlier.

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