Saudi Research and Media Group’s (SRMG) net profit rose 8% to SAR 302.6 million in H1 2023, from SAR 281.2 million in H1 2022.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 1,693.59 | 1,859.49 | 9.8 % |
| Gross Income | 590.44 | 617.16 | 4.5 % |
| Operating Income | 318.83 | 358.61 | 12.5 % |
| Net Income | 281.24 | 302.59 | 7.6 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 3.52 | 3.78 | 7.6 % |
SRMG reported an increase in the six-month period gross profit, primarily due to a 9.8% year-on-year (YoY) rise in revenue. Meanwhile, the company said that direct costs for the current period increased on a YoY basis, due to operating costs of certain projects in line with the announced strategy.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 907.25 | 974.85 | 7.5 % |
| Gross Income | 328.82 | 337.98 | 2.8 % |
| Operating Income | 187.68 | 215.28 | 14.7 % |
| Net Income | 168.72 | 181.61 | 7.6 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 2.11 | 2.27 | 7.6 % |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 884.64 | 974.85 | 10.2 % |
| Gross Income | 279.18 | 337.98 | 21.1 % |
| Operating Income | 143.72 | 215.28 | 49.8 % |
| Net Income | 120.97 | 181.61 | 50.1 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 1.51 | 2.27 | 50.1 % |
In Q2 2023, the company’s net profit grew by 8% to SAR 181.6 million from SAR 168.72 million in the prior-year period. Gross profit improved on a 7.5% YoY increase in revenue despite higher direct costs.
SRMG’s net profit jumped 50.1% from SAR 120.97 million in Q1 2023, thanks to a 21.1% jump in gross profit.
Total shareholders’ equity, after minority interest, rose to SAR 2.92 billion as of June 30, 2023, from SAR 2.31 billion in the earlier-year period.
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