Saudi Research and Media Group (SRMG) reported a net profit after Zakat and tax of SAR 112.5 million for the first quarter of 2022, a rise of 23% from SAR 91.5 million in the year-ago period.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 596.81 | 786.34 | 31.8 % |
| Gross Income | 208.41 | 261.63 | 25.5 % |
| Operating Income | 115.61 | 131.15 | 13.4 % |
| Net Income | 91.53 | 112.51 | 22.9 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 1.14 | 1.41 | 22.9 % |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 932.49 | 786.34 | (15.7 %) |
| Gross Income | 251.62 | 261.63 | 4.0 % |
| Operating Income | 120.51 | 131.15 | 8.8 % |
| Net Income | 106.06 | 112.51 | 6.1 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 1.33 | 1.41 | 6.1 % |
The profit growth was driven by higher gross profit, resulting mainly from an increase of 31.8% year-on-year (YoY) in revenue. On the other hand, direct costs increased compared to Q1 2021, mainly due to operating costs of certain projects in line with the previously-announced strategy.
Compared to Q4 2021, net profit after Zakat and tax grew by 6% from SAR 106 million, backed by a 15.6% rise in gross profit.
Total shareholders’ equity, after minority interest, jumped 32% to SAR 2.174 billion in the three-month period, compared to SAR 1.647 billion a year earlier.
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