MBC makes a profit of 116.5 million riyals in Q2, 2024

MBC Group’s net profit amounted to 116.5 million riyals during the second quarter of 2024, following the announcement today of the estimated financial results for the period ending June 30, 2024 (6 months).

Operating profit amounted to SAR 93 million in the second quarter, while total revenues amounted to SAR 963.9 million. Earnings per share for the current period reached SAR 0.64. According to the company, the decrease in revenues for the second quarter of 2024 compared to the first quarter of 2024 is mainly due to a decrease in advertising revenues by about SAR 157 million due to seasonality, in addition to a decrease in streaming services revenues as a result of some services completed in the first quarter of 2024. It added, “Despite the increase in gross profit by approximately SAR 9 million compared to the first quarter of 2024, the decrease in net profit by approximately SAR 4.8 million is mainly due to revaluation losses on the investment in Anghami.” According to the company, revenues from broadcasting services and technical services include reclassified amounts that were previously included in other income in the condensed consolidated financial statements for the three months ended March 31, 2024. In addition, costs from broadcasting services and technical services include reclassified amounts that were previously included in other expenses, marketing costs, broadcasting expenses and program costs in the condensed consolidated interim financial statements for the three months ended March 31, 2024.