Saudi: SRMG’s profits fall to $44.76mln in H1-24 results

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Saudi Research and Media Group (SRMG) posted 44.38% lower net profits at SAR 168.28 million in the first half (H1) of 2024, compared to SAR 302.59 million.

The media group registered revenues valued at SAR 1.66 billion in H1-24, down 10.43% year-on-year (YoY) from SAR 1.85 billion, according to the financial results.

Earnings per share (EPS) plummeted to SAR 2.10 as of 30 June 2024 from SAR 3.78 a year earlier.

Financial Results for Q2-24

In the second quarter (Q2) of 2024, the net profits of SRMG reached SAR 81.41 million, an annual plunge of 55.17% from SAR 181.61 million.

Revenues fell by 12.75% to SAR 850.53 million in April-June 2024 from SAR 974.85 million in Q2-23.

Quarter-on-quarter (QoQ), the profits in Q2-24 shrank by 6.28% from SAR 86.87 million in Q1-24, while the revenues increased by 4.37% from SAR 814.86 million.