Saudi Research and Marketing Group (SRMG) reported a net profit after Zakat of SAR 140 million for the first half of 2020, a 15% year-on-year (YoY) decline from SAR 165.5 million in the same period last year.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 1,086.47 | 1,051.75 | (3.2 %) |
| Gross Income | 374.38 | 354.71 | (5.3 %) |
| Operating Income | 180.32 | 167.57 | (7.1 %) |
| Net Income | 165.50 | 139.98 | (15.4 %) |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 2.07 | 1.75 | (15.4 %) |
The decline in net profit was attributed to lower revenue, higher Zakat expenses.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 554.84 | 556.50 | 0.3 % |
| Gross Income | 185.70 | 201.87 | 8.7 % |
| Operating Income | 87.70 | 106.18 | 21.1 % |
| Net Income | 85.62 | 75.25 | (12.1 %) |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 1.07 | 0.94 | (12.1 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 495.25 | 556.50 | 12.4 % |
| Gross Income | 152.84 | 201.87 | 32.1 % |
| Operating Income | 61.38 | 106.18 | 73.0 % |
| Net Income | 64.73 | 75.25 | 16.3 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 0.81 | 0.94 | 16.3 % |
The group reported a net profit of SAR 75.3 million for Q2 2020, a 12% YoY decline on higher Zakat expenses.
When compared to previous quarter, net profit rose 16.4% due to lower cost of sales and lower selling and distribution expenses.
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