Saudi Research and Media Group “SRMG” (4210) reported a quarterly net profit of SAR 148.5 million, down by more than 40% YoY.
Details
The leading regional media group saw a decline in revenues across all of its operational sectors during the current year’s third quarter.
This was especially noticeable on the public relations and advertising fronts, as well as in publishing and visual content.
So what
The group’s total revenue for the past three months totaled around SAR 851 million, reflecting a 19.3% fall YoY.
Some context
The SRMG’s net profit for the first nine months of this year dropped by approximately 42.6% YoY, totaling SAR 316.7 million.
This was mainly due to a nearly 21% drop in gross profit, with losses from the impairment of property, plant, equipment, and spare parts inventory related to the printing and packaging sector.
Revenues declined by 13.6% YoY, reaching SAR 2.5 billion.
Earnings per share fell to SAR 3.96, down from SAR 6.89 in the same period of 2023.
