The Saudi Research and Media Group (SRMG), one of the largest Arab media organizations, revealed that its gains during the first three quarters of 2022 increased by 22.4%, recording profits of SAR 527.8 million ($140 million) because of revenue growth.
SRMG, whose shares are listed on the Saudi stock market, recorded an increase in profits by 20.3%, achieving quarterly gains of SAR 246 million ($65.7 million). Achieved profits represent a growth jump of 46% when compared to the previous quarter.
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 23.2%, 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.
The reason for the increase in net profit during the current quarter compared to the previous quarter of the current year is mainly due to the increase in gross profit by 20.8%.
SRMG said that the increase in profits and revenues came despite the direct costs of the current period, which increased compared to the same period of the previous year, mainly as a result of the operating costs of some projects in line with the announced strategy.
The total revenue of the current quarter is SAR 1,002.7 million ($267.2 million) compared to SAR 813.9 million for the same quarter of the last year, an increase of 23.2%, and compared to SR 907.2 million in the previous quarter of the current year, an increase of 10.5%.
The total revenue of the current period is SR 2,696.3 million compared to SR 2,113.5 million for the same period of the previous year, an increase of 27.6%.
Total revenues during the current period amounted to SAR 2.696 billion, compared to SAR 2.113 billion for the same period of the previous year. This represents an increase of 27.6%.
Total comprehensive income of the parent company for the current quarter stands at SAR 203.0 million compared to SAR 198.7 million for the same quarter of the last year, an increase of 2.2%.
When compared to the SAR 140.1 million recorded in the previous quarter of the current year, it represents an increase of 44.9%.
In other news, the main Saudi stock index closed on Monday, up 77.48 points at 11598.76 points, with transactions worth 6.4 billion riyals.
The volume of traded shares amounted to 142 million shares, shared by more than 380 thousand transactions, in which the shares of 61 companies recorded an increase in their value, while the shares of 143 companies closed down.
The Saudi Parallel Stock Index (Nomu) closed today, down 112.82 points at 19,500.39 points, with transactions worth 17.2 million riyals, while the volume of traded shares reached more than 320 thousand shares, shared by 1383 deals.
