MBC Group earns SAR 221.1M in 9M; SAR 9.1M in Q3 2024
10/11/2024
Argaam Exclusive
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MBC Group Co. reported a net profit SAR 221.1 million for the first nine months of 2024, compared to SAR 52 million in the year-earlier period.
Financials (M)
| Item | 9m 2023 | 9m 2024 | Change |
|---|---|---|---|
| Revenues | 2,649.05 | 2,956.70 | 11.6 % |
| Gross Income | 622.99 | 891.41 | 43.1 % |
| Operating Income | (45.47) | 123.81 | 372.3 % |
| Net Income | 52.02 | 221.12 | 325.0 % |
| Average Shares | 299.25 | 332.50 | 11.1 % |
| EPS (Riyals) | 0.17 | 0.67 | 282.5 % |
This was spurred by higher revenue from broadcast, commercial activities as well as Shahid platform. Gross profit margins rose to 30.1%, compared to 23.5% in the year-earlier period.
Compared With The
Current Quarter Comparison (M)
| Item | Q3 2023 | Q3 2024 | Change |
|---|---|---|---|
| Revenues | 649.34 | 757.08 | 16.6 % |
| Gross Income | 174.73 | 192.48 | 10.2 % |
| Operating Income | (42.18) | (33.41) | 20.8 % |
| Net Income | 5.76 | 9.06 | 57.3 % |
| Average Shares | 299.25 | 332.50 | 11.1 % |
| EPS (Riyals) | 0.02 | 0.03 | 41.6 % |
Q3 2024 net profit stood at SAR 9.1 million, compared to SAR 5.76 in the year-earlier period, on higher revenue and an increase in gross profit.
On a sequential basis, net earnings plunged 92.2% from SAR 116.49 million in Q2 2024.
Total shareholders’ equity (excluding minority interest) stood at SAR 3.99 billion by Sept. 30, 2024, compared to SAR 3 billion a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2024 | 1,235.75 | 35.9 % | 344.91 | 115.2 % | 64.31 | 229.0 % |
| Q2 2024 | 963.87 | (11.6 %) | 354.02 | 22.9 % | 92.90 | 99.6 % |
| Q3 2024 | 757.08 | 16.6 % | 192.48 | 10.2 % | (33.41) | 20.8 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2024 | 121.28 | 629.3 % | 0.36 | 10.35 | 110.93 | 0.33 |
| Q2 2024 | 116.49 | 68.4 % | 0.35 | - | 116.49 | 0.35 |
| Q3 2024 | 9.06 | 57.3 % | 0.03 | - | 9.06 | 0.03 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2024 | 27.44 % | 1.18 % | 3.59 % |
| Q2 2024 | 30.02 % | 2.95 % | 5.93 % |
| Q3 2024 | 29.66 % | 3.88 % | 5.85 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2024 | 332.50 | 0.63 | 0.44 | 11.68 |
| Q2 2024 | 332.50 | 0.77 | 0.70 | 11.99 |
| Q3 2024 | 332.50 | 0.78 | 0.71 | 12.01 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2024 | 90.31 | More than 100 | 4.87 |
| Q2 2024 | 55.68 | 61.78 | 3.59 |
| Q3 2024 | 61.17 | 67.78 | 3.98 |
Business Segments (Million)
Q3 2024
| Period | Broadcasting and Other Commercial Activities | Shahid | M&E Initiatives | MBC Studios | others | Eliminations |
|---|---|---|---|---|---|---|
| Q1 2024 | 774.88 | 298.19 | 162.68 | - | - | - |
| Q2 2024 | 565.66 | 259.14 | 139.07 | - | - | - |
| Q3 2024 | 430.36 | 248.35 | 78.37 | - | - | - |
Analysts Estimates (Million)
| Item | Q3 2024 (e) | Q3 2024 (a) | Change |
|---|---|---|---|
| Average | 80.80 | 9.06 | (88.8 %) |
Estimates vs Actual (Million)
| Item | Q3 2024 (e) | Q3 2024 (a) | Change |
|---|---|---|---|
| SNB Capital | 80.80 | 9.06 | (88.8) % |
| Current | |
| Market Cap (M Riyal) | 15,511.13 |
| Enterprise Value (EV) (M) | 14,311.34 |
| Shares Outstanding ((M)) | 332.50 |
| EPS ( Riyal) (TTM) | 0.78 |
| Book Value (BV) ( Riyal) | 12.01 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | More than 100 |
| P/E (TTM) | More than 100 |
| Price/book | 3.88 |
| Return on Average Assets (%) (TTM) | - |
| Return on Average Equity (%) (TTM) | - |
Share Price
MBC Group Co. (MBC GROUP)
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