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.
| 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 | 612.88 | 4.1 % |
| 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.
| 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 | 254.28 | (5.8 %) |
| 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 | 254.28 | 18.1 % |
| 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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