Research and Media Group reports 23% profit surge to SR113 mln in 1Q

Saudi Research and Media Group announced that its profits after zakat and tax rose 23% to SR 113 million in the first quarter of 2022 compared to 92 million during the same period of 2021.

This came after Research and Media Group announcement on Wednesday of the preliminary financial results for the period ending on 31.03.2022 (three months).

The company’s operational profit climbed 18% to SR 135 million in the 1^st quarter of the current year from SR 115 million in the same period of the previous year.

Gross profit of Research and Media Group advanced 26% to SR 262 million in the first quarter of this year from SR 208 million a year ago, while the profit per share soared to SR 1.41 from SR 1.14.

The increase in net profit for the current quarter compared to the same quarter of last year is mainly due to the increase in gross profit, resulting mainly from the increase in revenues by 31.8%, noting that the direct costs for the current quarter increased compared to the same quarter of last year mainly due to operating costs of certain projects in line with the announced strategy.

The reason for the slight increase in net profit during the current quarter compared to the previous quarter is mainly due to the increase in gross profit by 15.6%.

Certain prior period figures have been re-classified to conform with the presentation of the current period.

Additional Information:

The total revenue of the current quarter is SR 786.3 million compared to SR 596.8 million for the same quarter of last year, an increase of 31.8%, and compared to SR 932.5 million in the previous quarter, a decrease of 15.6%.

Total Comprehensive Income of the parent company for the current quarter is SR 104.4 million compared to SR 119.5 million for the same quarter of last year, a decrease of 12.6%, and compared to SR 108.1 million in the previous quarter, a decrease of 3.4%.

The total shareholders equity for the parent company (after excluding non-controlling interest) as at the end of the current quarter is SR 2,174.5 million compared to SR 1,647.0 million for the same quarter of last year, an increase of 32.0%, and compared to SR 2,066.5 million as at the end of the previous quarter, an increase of 5.2%.

The retained earnings as of 31st of March 2022 is SR 1,018.7 million.