MBC reports SAR 382.5M profit in 2025; Q4 loss at SAR 20M
MBC Group Co. reported a net profit of SAR 382.5 million in 2025, a slump of 4.3% compared to SAR 400 million a year earlier.
Financials (Million Riyal)
| Item | 2024 | 2025 | Change |
|---|---|---|---|
| Revenues | 4,196.37 | 5,390.87 | 28.5 % |
| Gross Income | 1,206.02 | 1,265.90 | 5.0 % |
| Operating Income | 117.22 | 197.92 | 68.8 % |
| Net Income | 399.96 | 382.53 | (4.4 %) |
| Average Shares | 332.50 | 332.50 | - |
| Earnings Per Share before unusual items (Riyals) | 0.49 | 0.60 | 22.8 % |
| EPS (Riyal) | 1.20 | 1.15 | (4.4 %) |
The annual net profit was hurt by a decline in the broadcasting and other commercial activities (BOCA) segment due to higher direct costs.
The 2024 financial results included non-recurring compensation income related to business losses.
Moreover, MBC's overall profitability was affected by content write-downs and higher content amortization.
On the other hand, MBC's revenue rose 28.5% year-on-year to SAR 5.39 billion in 2025, backed by MBC SHAHID and the group's media and entertainment initiatives (M&E) segment.
Current Quarter Comparison (Million Riyal)
| Item | Q4 2024 | Q4 2025 | Change |
|---|---|---|---|
| Revenues | 1,239.67 | 1,549.09 | 25.0 % |
| Gross Income | 300.33 | 154.05 | (48.7 %) |
| Operating Income | (6.58) | (143.14) | (2,074.4 %) |
| Net Income | 178.84 | (20.03) | (111.2 %) |
| Average Shares | 332.50 | 332.50 | - |
| Earnings Per Share before unusual items (Riyal) | (0.15) | (0.46) | (211.6 %) |
| EPS (Riyal) | 0.54 | (0.06) | (111.2 %) |
Q4 2025 net loss reached SAR 20 million versus a net profit of SAR 178.84 in Q4 2024.
The company swung to losses in Q4 2025, against a net profit of SAR 19.7 million in Q3 2025.
Total shareholders’ equity (excluding minority interest) amounted to SAR 4.5 billion as of Dec. 31, 2025, compared to SAR 4.1 billion in a year earlier period.
Attached Documents
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Share Price
| Current | |
| Market Cap (M Riyal) | 5,669.13 |
| Enterprise Value (EV) (M Riyal) | 4,683.86 |
| Shares Outstanding ((M)) | 332.50 |
| Recurring EPS ( Riyal) (TTM) | (0.25) |
| Book Value (BV) ( Riyal) | 12.15 |
| Par Value ( Riyal) | 10.00 |
| Recurring P/E (TTM) | Neg |
| P/E (TTM) | NEG |
| Price/book | 1.40 |
| Dividend Yield (%) (Last Year) | - |
| Return on Average Assets (%) (TTM) | (6.29 ) |
| Return on Average Equity (%) (TTM) | (12.31 ) |
| EV/Revenues | 1.04 |
Financial results (Million Riyal)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2025 | 2,043.82 | 65.4 % | 539.16 | 55.5 % | 253.83 | 294.7 % |
| Q2 2025 | 987.93 | 2.5 % | 303.95 | (14.5 %) | 51.43 | (44.6 %) |
| Q3 2025 | 810.02 | 7.0 % | 268.75 | 32.1 % | 35.79 | 207.1 % |
| Q4 2025 | 1,549.09 | 25.0 % | 154.05 | (48.7 %) | (143.14) | (2,074.4 %) |
| 2025 | 5,390.87 | 28.5 % | 1,265.90 | 5.0 % | 197.92 | 68.8 % |
Profit Performance (Million Riyal)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2025 | 231.80 | 111.7 % | 0.70 | - | 231.80 | 0.70 |
| Q2 2025 | 151.01 | 47.3 % | 0.45 | 78.52 | 72.49 | 0.22 |
| Q3 2025 | 19.74 | 118.0 % | 0.06 | (27.41) | 47.15 | 0.14 |
| Q4 2025 | (20.03) | (111.2 %) | (0.06) | 133.33 | (153.36) | (0.46) |
| 2025 | 382.53 | (4.4 %) | 1.15 | 184.17 | 198.35 | 0.60 |
Profitability
| Period | Gross Margin | Adjusted EBITDA margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2024 | 27.43 % | - | 3.29 % |
| Q2 2024 | 30.04 % | - | 5.26 % |
| Q3 2024 | 29.95 % | - | 5.20 % |
| Q4 2024 | 28.74 % | 5.16 % | 3.85 % |
| 2024 | 28.74 % | 5.16 % | 3.85 % |
| Q1 2025 | 27.95 % | 8.16 % | 5.88 % |
| Q2 2025 | 26.78 % | 7.38 % | 5.25 % |
| Q3 2025 | 27.79 % | 8.61 % | 5.95 % |
| Q4 2025 | 23.48 % | 5.95 % | 3.67 % |
| 2025 | 23.48 % | 5.95 % | 3.68 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2025 | 332.50 | 1.57 | 0.88 | 13.24 |
| Q2 2025 | 332.50 | 1.72 | 0.79 | 13.69 |
| Q3 2025 | 332.50 | 1.75 | 0.91 | 13.75 |
| Q4 2025 | 332.50 | 1.15 | 0.60 | 13.68 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| Q1 2025 | 29.22 | 51.87 | 3.47 |
| Q2 2025 | 20.80 | 44.94 | 2.61 |
| Q3 2025 | 20.79 | 40.00 | 2.64 |
| Q4 2025 | 27.47 | 53.04 | 2.31 |
Business Segments (Million Riyal)
Q4 2025
| Period | Broadcasting and Other Commercial Activities | Shahid | M&E Initiatives | MBC Studios | OtherS | Eliminations |
|---|---|---|---|---|---|---|
| Q1 2025 | 1,205.33 | 391.32 | 447.17 | - | - | - |
| Q2 2025 | 532.43 | 305.43 | 150.08 | - | - | - |
| Q3 2025 | 399.95 | 320.33 | 89.75 | - | - | - |
| Q4 2025 | 693.53 | 366.41 | 489.15 | - | - | - |
Analysts Estimates (Million Riyal)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| Average | 126.00 | (20.03) |
Estimates vs Actual (Million Riyal)
| Item | Profit (Expected) | Profit (Actual) | Change | Profit Before Unusual Items | Change |
|---|---|---|---|---|---|
| SNB Capital | 126.00 | (20.03) | (153.36) |

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