Saudi Research & Media profits increase to SAR 121 million in Q1 by 8%

Saudi Research and Media Group net profit after zakat and tax grew to SAR 121 million during the first quarter, compared to SAR 113 million in the same quarter of last year, by 8%. This came after the announcement on Sunday of the interim financial results for the period ended on march 31st, 2023 (three months).

The operational profit amounted to SAR 144 million in the first quarter, compared to SAR 135 million in the same quarter of the previous year, an increase of 6%.

The gross profit amounted to SAR 279 million in the current period, compared to SAR 262 million in the same period last year, an increase of 7%.

Profits per share in the current period amounted to SAR 1.51, compared to SAR 1.41 in the same period last year.

The increase in net profit for the current quarter compared to the same quarter of the previous year is mainly due to the increase in gross profit, resulting mainly from the increase in revenues by 12.5%, noting that the direct costs for the current quarter increased compared to the same quarter of the last year mainly due to operating costs of certain projects in line with the announced strategy. In addition to the increase in finance income.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is            attributable to achieving the group a net profit close to the previous quarter, despite the decrease in revenue of 12.7% due to the increase in gross profit by 5.2%.

The company stated that certain prior period figures have been re-classified to conform with the presentation of the current period.

The total revenue of the current quarter is SAR 884.6 million compared to SAR 786.3 million for the same quarter of last year, an increase of 12.5%, and compared to SAR 1,013.5 million in the previous quarter, a decrease of 12.7%.

Total Comprehensive Income of the parent company for the current quarter is SAR 179.8 million compared to SAR 104.4 million for the same quarter of last year, an increase of 72.3%. and compared to SAR 134.0 million in the previous quarter, an increase of 34.2%.

The total shareholders’ equity for the parent company (after excluding non-controlling interest) as at the end of the current quarter is SAR 2,831.4 million compared to SAR 2,174.5 million for the same quarter of the previous year, an increase of 30.2%, and compared to SAR 2,651.6 million as at the end of the previous quarter, an increase of 6.8%.

The retained earnings balance as of March 31st, 2023 is SAR 1,690.9 million.