Financial Results : SRMG 2024 profit down 64% to SAR 201.7M; Q4 loss at SAR 115.1M

SRMG 2024 profit down 64% to SAR 201.7M; Q4 loss at SAR 115.1M

27/03/2025 Argaam Exclusive

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Saudi Research and Media Group (SRMG) reported a net profit of SAR 201.7 million for 2024, a 64% decline from SAR 559.6 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 3,746.23 3,263.35 (12.9 %)
Gross Income 1,147.30 855.57 (25.4 %)
Operating Income 605.70 337.76 (44.2 %)
Net Income 559.62 201.69 (64.0 %)
Average Shares 80.00 80.00 -
Earnings Per Share before unusual items (Riyals) 7.16 3.45 (51.8 %)
EPS (Riyal) 7.00 2.52 (64.0 %)

The profit decline is attributed to the decrease in revenue and gross profit from certain operating segments, namely the public relations and advertising segment, the publishing and visual and digital content segment and the decrease in the revenues of the printing and packaging segment.

 

Additionally, the company noted provisions for expected credit losses on trade receivables, and losses due to the impairment of goodwill, property, plant, equipment, and spare parts inventory associated with the printing and packaging segment.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 832.08 747.07 (10.2 %)
Gross Income 148.49 65.46 (55.9 %)
Operating Income (7.19) (60.50) (741.5 %)
Net Income 8.08 (115.05) (1524.5 %)
Average Shares 80.00 80.00 -
Earnings Per Share before unusual items (Riyal) 0.26 (0.89) (439.8 %)
EPS (Riyal) 0.10 (1.44) (1524.5 %)

In Q4 2024, SRMG turned to a net loss of SAR 115.1 million, against a profit of SAR 8.1 million in the year-earlier period.

 

The company posted a net profit of SAR 148.46 million in Q3 2024.

 

Total shareholders’ equity, after minority interest, stood at SAR 3.21 billion by Dec. 31, 2024, compared to SAR 3.08 billion a year ago.

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