MBC Group earns SAR 402.3M in 9M 2025, SAR 98M in Q3

10/11/2025 Argaam Exclusive

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MBC Group Co. reported a net profit of SAR 402.3 million, excluding minority interest, for the first nine months of 2025, up from SAR 221.1 million a year earlier.

Financials (M)

Item	9m 2024	9m 2025	Change‬
Revenues	2,956.70	3,841.78	29.9 %
Gross Income	905.69	1,111.85	22.8 %
Operating Income	123.81	341.06	175.5 %
Net Income	221.12	402.33	82.0 %
Average Shares	332.50	332.50	-
Earnings Per Share before unusual items (Riyals)	0.63	1.21	90.9 %
EPS (Riyal)	0.67	1.21	82.0 %

Nine-month net earnings, before excluding minority interest, reached SAR 427.8 million, compared with SAR 250.5 million in the same period last year.

Revenue rose SAR 885 million year-on-year, primarily driven by a SAR 367 million increase in broadcasting and other commercial activities, supported by strong growth in advertising, broadcasting, and technical services revenue.

Additionally, revenue from Shahid grew by SAR 211 million, driven by higher subscription numbers, while the media and entertainment initiatives segment contributed SAR 307 million, reflecting continued execution of major media initiatives.

MBC Group’s Q3 2025 net profit surged to SAR 98 million, from SAR 9.06 million in Q3 2024. Sequentially, earnings grew 35.2% from SAR 72.4 million in Q2 2025.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2024	Q3 2025	Change‬
Revenues	757.08	810.02	7.0 %
Gross Income	203.42	268.75	32.1 %
Operating Income	(33.41)	35.79	207.1 %
Net Income	9.06	98.03	982.4 %
Average Shares	332.50	332.50	-
Earnings Per Share before unusual items (Riyal)	0.03	0.29	982.4 %
EPS (Riyal)	0.03	0.29	982.4 %

Item	Q2 2025	Q3 2025	Change‬
Revenues	987.93	810.02	(18.0 %)
Gross Income	303.95	268.75	(11.6 %)
Operating Income	51.43	35.79	(30.4 %)
Net Income	72.49	98.03	35.2 %
Average Shares	332.50	332.50	-
Earnings Per Share before unusual items (Riyal)	0.22	0.29	35.2 %
EPS (Riyal)	0.22	0.29	35.2 %

Total shareholders’ equity, after minority interest, stood at SAR 4.57 billion at the end of Sept. 30, 2025, from SAR 3.99 billion in the year-earlier period.

Attached document:

View More Financial Results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	2,317.58	-	455.58	-	(125.42)	-
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	2,845.47	22.8 %	717.46	57.5 %	24.28	119.4 %
Q1 2022	-	-	-	-	-	-
Q2 2022	-	-	-	-	-	-
Q3 2022	-	-	-	-	-	-
Q4 2022	-	-	-	-	-	-
2022	3,488.73	22.6 %	641.14	(10.6 %)	(174.06)	(816.9 %)
Q1 2023	909.08	-	160.27	-	(49.84)	-
Q2 2023	1,090.64	-	288.00	-	46.55	-
Q3 2023	649.34	-	174.73	-	(42.18)	-
Q4 2023	1,062.72	-	298.27	-	(41.84)	-
2023	3,711.78	6.4 %	921.27	43.7 %	(87.31)	49.8 %
Q1 2024	1,235.75	35.9 %	346.64	116.3 %	64.31	229.0 %
Q2 2024	963.87	(11.6 %)	355.62	23.5 %	92.90	99.6 %
Q3 2024	757.08	16.6 %	203.42	16.4 %	(33.41)	20.8 %
Q4 2024	1,239.67	16.7 %	312.77	4.9 %	(6.58)	84.3 %
2024	4,196.37	13.1 %	1,204.18	30.7 %	117.22	234.3 %
Q1 2025	2,043.82	65.4 %	539.16	55.5 %	253.84	294.7 %
Q2 2025	987.93	2.5 %	303.95	(14.5 %)	51.43	(44.6 %)
Q3 2025	810.02	7.0 %	268.75	32.1 %	35.79	207.1 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	2,317.58	-	455.58	-	(125.42)	-
2021	2,845.47	22.8 %	717.46	57.5 %	24.28	119.4 %
2022	3,488.73	22.6 %	641.14	(10.6 %)	(174.06)	(816.9 %)
2023	3,711.78	6.4 %	921.27	43.7 %	(87.31)	49.8 %
2024	4,196.37	13.1 %	1,204.18	30.7 %	117.22	234.3 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS(Riyal)
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	(95.42)	-	(0.32)	-	(95.42)	(0.32)
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	737.15	872.5 %	2.46	375.00	362.15	1.21
Q1 2022	-	-	-	-	-	-
Q2 2022	-	-	-	-	-	-
Q3 2022	-	-	-	-	-	-
Q4 2022	-	-	-	-	-	-
2022	34.97	(95.3 %)	0.12	187.50	(152.53)	(0.51)
Q1 2023	(22.91)	-	(0.08)	-	(22.91)	(0.08)
Q2 2023	69.18	-	0.23	39.38	29.80	0.10
Q3 2023	5.76	-	0.02	-	5.76	0.02
Q4 2023	13.26	-	0.04	15.00	(1.74)	(0.01)
2023	65.29	86.7 %	0.22	54.38	10.91	0.04
Q1 2024	109.50	577.9 %	0.33	10.35	99.15	0.30
Q2 2024	102.56	48.2 %	0.31	-	102.56	0.31
Q3 2024	9.06	57.3 %	0.03	-	9.06	0.03
Q4 2024	178.84	1248.4 %	0.54	228.05	(49.21)	(0.15)
2024	399.96	512.6 %	1.20	238.40	161.56	0.49
Q1 2025	231.81	111.7 %	0.70	-	231.81	0.70
Q2 2025	72.49	(29.3 %)	0.22	-	72.49	0.22
Q3 2025	98.03	982.4 %	0.29	-	98.03	0.29

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS(Riyal)
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	(95.42)	-	(0.32)	-	(95.42)	(0.32)
2021	737.15	872.5 %	2.46	375.00	362.15	1.21
2022	34.97	(95.3 %)	0.12	187.50	(152.53)	(0.51)
2023	65.29	86.7 %	0.22	54.38	10.91	0.04
2024	399.96	512.6 %	1.20	238.40	161.56	0.49

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	19.66 %	(2.18 %)	(4.12 %)
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
2021	25.21 %	3.63 %	12.73 %
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
2022	18.38 %	(2.85 %)	(4.37 %)
Q1 2023	-	-	-
Q2 2023	-	-	-
Q3 2023	-	-	-
Q4 2023	24.82 %	-	0.29 %
2023	24.82 %	-	0.29 %
Q1 2024	27.43 %	-	3.29 %
Q2 2024	30.04 %	-	5.26 %
Q3 2024	29.95 %	-	5.20 %
Q4 2024	29.04 %	5.16 %	3.85 %
2024	28.70 %	5.16 %	3.85 %
Q1 2025	28.19 %	8.16 %	5.88 %
Q2 2025	27.03 %	7.38 %	5.25 %
Q3 2025	28.04 %	-	6.95 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	19.66 %	(2.18 %)	(4.12 %)
2021	25.21 %	3.63 %	12.73 %
2022	18.38 %	(2.85 %)	(4.37 %)
2023	24.82 %	-	0.29 %
2024	28.70 %	5.16 %	3.85 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
Q1 2023	17.63 %	-	(2.52 %)
Q2 2023	26.41 %	-	2.73 %
Q3 2023	26.91 %	-	0.89 %
Q4 2023	28.07 %	-	(0.16 %)
Q1 2024	28.05 %	6.88 %	8.02 %
Q2 2024	36.90 %	11.85 %	10.64 %
Q3 2024	26.87 %	(0.24 %)	1.20 %
Q4 2024	25.23 %	1.52 %	(3.97 %)
Q1 2025	26.38 %	13.56 %	11.34 %
Q2 2025	30.77 %	7.80 %	7.34 %
Q3 2025	33.18 %	-	12.10 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	-	-	-	-
Q2 2020	-	-	-	-
Q3 2020	-	-	-	-
Q4 2020	-	-	-	-
Q1 2021	-	-	-	-
Q2 2021	-	-	-	-
Q3 2021	-	-	-	-
Q4 2021	-	-	-	-
Q1 2022	-	-	-	-
Q2 2022	-	-	-	-
Q3 2022	-	-	-	-
Q4 2022	-	-	-	-
Q1 2023	299.25	-	-	-
Q2 2023	299.25	-	-	10.00
Q3 2023	299.25	-	-	-
Q4 2023	299.25	0.22	0.04	12.63
Q1 2024	332.50	0.59	0.40	11.68
Q2 2024	332.50	0.69	0.62	11.99
Q3 2024	332.50	0.70	0.63	12.01
Q4 2024	332.50	1.20	0.49	12.55
Q1 2025	332.50	1.57	0.88	13.24
Q2 2025	332.50	1.48	0.79	13.45
Q3 2025	332.50	1.75	1.06	13.75

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	-	-	-	-
2020	299.25	(0.32)	(0.32)	7.18
2021	299.25	2.46	1.21	9.67
2022	299.25	0.12	(0.51)	9.87
2023	299.25	0.22	0.04	12.63
2024	332.50	1.20	0.49	12.55

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Recurring P/E	Price/book
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
Q1 2023	-	-	-
Q2 2023	-	-	-
Q3 2023	-	-	-
Q4 2023	-	-	-
Q1 2024	95.70	More than 100	4.87
Q2 2024	61.87	69.50	3.59
Q3 2024	67.88	76.12	3.98
Q4 2024	43.48	More than 100	4.17
Q1 2025	29.22	51.87	3.47
Q2 2025	24.12	44.94	2.65
Q3 2025	20.80	34.24	2.64

Period	P/E	Recurring P/E	Price/book
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	-	-	-
2023	-	-	-
2024	43.48	More than 100	4.17

Business Segments (Million)

Compared With The

Period	Broadcasting and Other Commercial Activities	Shahid	M&E Initiatives	MBC Studios	OtherS	Eliminations
Q1 2023	551.28	172.46	185.34	-	-	-
Q2 2023	561.92	223.20	305.52	-	-	-
Q3 2023	353.81	197.23	98.31	-	-	-
Q4 2023	536.60	250.79	275.33	-	-	-
Q1 2024	774.88	298.19	162.68	-	-	-
Q2 2024	565.66	259.14	139.07	-	-	-
Q3 2024	430.36	248.35	78.37	-	-	-
Q4 2024	653.24	273.23	313.21	-	-	-
Q1 2025	1,205.33	391.32	447.17	-	-	-
Q2 2025	532.43	305.43	150.08	-	-	-

Period	Broadcasting and Other Commercial Activities	Shahid	M&E Initiatives	MBC Studios	OtherS	Eliminations
2020	1,751.13	219.80	-	154.43	254.84	(62.62)
2021	2,067.07	448.90	-	182.26	452.87	(305.63)
2022	2,034.42	701.16	-	548.94	532.09	(327.87)
2023	2,003.60	843.68	864.50	-	-	-
2024	2,424.14	1,078.90	693.33	-	-	-

Analysts Estimates (Million)

Item	Profit (Expected)	Profit (Actual)	Change
Average	10.60	98.03

Estimates vs Actual (Million)

Item	Profit (Expected)	Profit (Actual)	Change‬
SNB Capital	10.60	98.03

Financial Ratios

	Current
Market Cap (M Riyal)	10,540.26
Enterprise Value (EV) (M Riyal)	9,737.31
Shares Outstanding ((M))	332.50
EPS ( Riyal) (TTM)	1.75
Book Value (BV) ( Riyal)	13.75
Par Value ( Riyal)	10.00
Recurring P/E	29.85
P/E (TTM)	18.14
Price/book	2.31
Return on Average Assets (%) (TTM)	6.7
Return on Average Equity (%) (TTM)	13.6
EV/adj EBITDA	-
EV/Revenues	1.92

MBC Group Co. (MBC GROUP)

Company	Estimated	Actual
SMASCO	36.95	40.60
THEEB	49.82	50.17
FLYNAS	151.33	120.22
SGS	100.45	101.50
2P	38.50	32.78
BINDAWOOD	37.24	40.20
DAR ALARKAN	187.00	255.60
MBC GROUP	10.60	98.03
TASNEE	(10.58)	(558.50)
TANMIAH	1.10	(15.80)

Company	Estimated	Actual
SMASCO	36.95	40.60
THEEB	49.82	50.17
FLYNAS	151.33	86.92
SGS	100.45	101.50
2P	38.50	32.78
BINDAWOOD	37.24	40.20
DAR ALARKAN	187.00	255.60
MBC GROUP	10.60	98.03
TASNEE	(10.58)	(191.50)
TANMIAH	1.10	(15.80)

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MBC Group earns SAR 402.3M in 9M 2025, SAR 98M in Q3

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2025 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

MBC Group Co. (MBC GROUP)

Quarterly Actuals vs Estimates

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MBC Group earns SAR 402.3M in 9M 2025, SAR 98M in Q3

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2025

Revenue by Business Segment (Latest) 2025 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

MBC Group Co. (MBC GROUP)

Quarterly Actuals vs Estimates

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Business Segments (Million)