Financial Results : SRMG posts SAR 316.7M profit in 9M 2024; Q3 at SAR 148.5M

SRMG posts SAR 316.7M profit in 9M 2024; Q3 at SAR 148.5M

06/11/2024 Argaam Exclusive

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Saudi Research and Media Group (SRMG) reported a net profit of SAR 316.7 million for the first nine months of 2024, down from SAR 551.5 million in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 2,914.15 2,516.28 (13.7 %)
Gross Income 998.81 790.11 (20.9 %)
Operating Income 624.58 370.08 (40.7 %)
Net Income 551.54 316.74 (42.6 %)
Average Shares 80.00 80.00 -
EPS (Riyals) 6.89 3.96 (42.6 %)

The profit decline was driven by a 13.65% year-on-year (YoY) decrease in revenue mainly due to a decline in income from the public relations and advertising segment, publishing, visual and digital content segment as well as printing and packaging segment. In addition, revenues from all other segments also edged lower.

 

Gross profit fell 20.9% YoY, in addition to the recognition of an impairment of property, equipment, and unproductive spare parts inventory related to the printing and packaging segment during the current period.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 1,054.66 850.89 (19.3 %)
Gross Income 381.65 308.78 (19.1 %)
Operating Income 266.99 163.42 (38.8 %)
Net Income 248.96 148.46 (40.4 %)
Average Shares 80.00 80.00 -
EPS (Riyals) 3.11 1.86 (40.4 %)

Q3 2024 net earnings dropped 40% to SAR 148.5 million, from SAR 248.96 million.

 

On a quarterly basis, net profit jumped 82.3% from SAR 81.42 million.

 

Total shareholders’ equity, after minority interest, stood at SAR 3.33 billion by Sept. 30, 2024, compared to SAR 3.17 billion in the prior-year period.

 

Retained earnings as of Sept. 30, 2024, amounted to SAR 2.8 billion.

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