SRMG 9M 2022 net profit up 23% to SAR 527.8 mln; Q3 at SAR 246.5 mln

SRMG 9M 2022 net profit up 23% to SAR 527.8 mln; Q3 at SAR 246.5 mln

07/11/2022 Argaam Exclusive

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Saudi Research and Media Group (SRMG) reported a net profit after Zakat and tax of SAR 527.8 million for the first nine months of 2022, an increase of 23% from SAR 430.9 million in a year earlier period.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 2,113.48 2,696.31 27.6 %
Gross Income 830.52 987.51 18.9 %
Operating Income 500.31 588.62 17.7 %
Net Income 430.96 527.77 22.5 %
Average Shares 80.00 80.00 -
EPS (Riyals) 5.39 6.60 22.5 %

This profit growth was fueled by stronger gross profit and a revenue increase of 27.6% year-on-year (YoY), despite higher direct costs due to recording operating costs of certain projects in line with the announced strategy.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 813.93 1,002.72 23.2 %
Gross Income 350.46 397.07 13.3 %
Operating Income 222.91 269.79 21.0 %
Net Income 204.88 246.53 20.3 %
Average Shares 80.00 80.00 -
EPS (Riyals) 2.56 3.08 20.3 %

Q3 2022 net profit rose 20% YoY to SAR 246.5 million, from SAR 204.88 million, driven by higher gross profit, a revenue increase of 23.2% YoY, despite higher direct costs.

 

On a sequential basis, net profit jumped 46%, from SAR 168.72 million.

 

Total shareholders’ equity, excluding minority interest, reached SAR 2.517 billion as of Sept. 30, 2022, compared to SAR 1.958 billion in a prior-year period.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 400.45 65.7 % 101.26 53.1 % 19.77 174.4 %
Q2 2013 418.02 53.5 % 129.11 31.7 % 49.76 55.1 %
Q3 2013 467.45 0.5 % 115.17 (5.3 %) 22.08 (42.2 %)
Q4 2013 440.14 4.3 % 74.60 (32.3 %) (28.32) (213.5 %)
Q1 2014 414.02 3.4 % 98.79 (2.4 %) (8.75) (144.2 %)
Q2 2014 463.96 11.0 % 113.33 (12.2 %) 23.64 (52.5 %)
Q3 2014 438.13 (6.3 %) 93.71 (18.6 %) 12.21 (44.7 %)
Q4 2014 427.15 (3.0 %) 90.30 21.1 % (14.26) 49.7 %
Q1 2015 390.62 (5.7 %) 99.72 0.9 % 25.40 390.3 %
Q2 2015 396.17 (14.6 %) 101.86 (10.1 %) 25.23 6.7 %
Q3 2015 338.17 (22.8 %) 65.77 (29.8 %) (5.46) (144.7 %)
Q4 2015 360.45 (15.6 %) 76.47 (15.3 %) (19.74) (38.4 %)
Q1 2016 328.00 (16.0 %) 66.03 (33.8 %) (35.61) (240.2 %)
Q2 2016 335.24 (15.4 %) 61.76 (39.4 %) (37.54) (248.8 %)
Q3 2016 302.92 (10.4 %) 28.39 (56.8 %) (70.93) (1,198.9 %)
Q4 2016 480.31 33.3 % 205.14 168.3 % 47.76 342.0 %
Q1 2017 392.70 19.7 % 112.78 70.8 % 26.39 174.1 %
Q2 2017 395.12 17.9 % 96.79 56.7 % 14.93 139.8 %
Q3 2017 400.53 32.2 % 110.94 290.8 % 32.52 145.8 %
Q4 2017 546.76 13.8 % 125.98 (38.6 %) (17.83) (137.3 %)
Q1 2018 370.34 (5.7 %) 112.84 0.1 % 15.92 (39.7 %)
Q2 2018 514.79 30.3 % 195.32 101.8 % 86.90 481.9 %
Q3 2018 559.76 39.8 % 188.14 69.6 % 56.14 72.6 %
Q4 2018 646.01 18.2 % 140.73 11.7 % (38.96) (118.5 %)
Q1 2019 531.63 43.6 % 188.67 67.2 % 92.62 481.8 %
Q2 2019 554.84 7.8 % 185.70 (4.9 %) 87.70 0.9 %
Q3 2019 706.93 26.3 % 201.15 6.9 % 96.86 72.5 %
Q4 2019 616.24 (4.6 %) 150.16 6.7 % 33.52 186.0 %
Q1 2020 495.25 (6.8 %) 152.84 (19.0 %) 61.38 (33.7 %)
Q2 2020 556.50 0.3 % 201.87 8.7 % 106.18 21.1 %
Q3 2020 577.09 (18.4 %) 199.41 (0.9 %) 111.54 15.2 %
Q4 2020 631.26 2.4 % 193.96 29.2 % 65.70 96.0 %
Q1 2021 596.81 20.5 % 208.41 36.4 % 115.61 88.3 %
Q2 2021 702.74 26.3 % 271.66 34.6 % 161.80 52.4 %
Q3 2021 813.93 41.0 % 350.46 75.7 % 222.91 99.9 %
Q4 2021 932.49 47.7 % 251.62 29.7 % 120.51 83.4 %
Q1 2022 786.34 31.8 % 261.63 25.5 % 131.15 13.4 %
Q2 2022 907.25 29.1 % 328.82 21.0 % 187.68 16.0 %
Q3 2022 1,002.72 23.2 % 397.07 13.3 % 269.79 21.0 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 (17.80) (403.1 %) (0.22) (19.70) 1.90 0.02
Q2 2013 30.00 20.8 % 0.38 2.41 27.59 0.34
Q3 2013 1.14 (94.6 %) 0.01 0.19 0.95 0.01
Q4 2013 (43.56) (165.7 %) (0.54) (0.28) (43.28) (0.54)
Q1 2014 (27.56) (54.8 %) (0.34) 0.10 (27.66) (0.35)
Q2 2014 6.22 (79.3 %) 0.08 (0.04) 6.25 0.08
Q3 2014 2.38 108.0 % 0.03 9.04 (6.66) (0.08)
Q4 2014 (20.35) 53.3 % (0.25) 25.64 (45.98) (0.57)
Q1 2015 19.72 171.5 % 0.25 9.40 10.32 0.13
Q2 2015 17.67 184.2 % 0.22 13.82 3.85 0.05
Q3 2015 (6.74) (383.5 %) (0.08) 17.37 (24.11) (0.30)
Q4 2015 (186.49) (816.7 %) (2.33) (79.84) (106.65) (1.33)
Q1 2016 21.72 10.2 % 0.27 78.63 (56.91) (0.71)
Q2 2016 (51.64) (392.3 %) (0.65) (1.32) (50.33) (0.63)
Q3 2016 (80.60) (1,095.6 %) (1.01) - (80.60) (1.01)
Q4 2016 53.28 128.6 % 0.67 - 53.28 0.67
Q1 2017 18.04 (16.9 %) 0.23 - 18.04 0.23
Q2 2017 6.73 113.0 % 0.08 - 6.73 0.08
Q3 2017 25.52 131.7 % 0.32 - 25.52 0.32
Q4 2017 (3.95) (107.4 %) (0.05) - (3.95) (0.05)
Q1 2018 11.74 (34.9 %) 0.15 - 11.74 0.15
Q2 2018 85.52 1170.1 % 1.07 - 85.52 1.07
Q3 2018 37.41 46.6 % 0.47 - 37.41 0.47
Q4 2018 (50.06) (1,166.1 %) (0.63) - (50.06) (0.63)
Q1 2019 79.88 580.3 % 1.00 - 79.88 1.00
Q2 2019 85.62 0.1 % 1.07 - 85.62 1.07
Q3 2019 69.54 85.9 % 0.87 - 69.54 0.87
Q4 2019 11.07 122.1 % 0.14 7.42 3.65 0.05
Q1 2020 64.73 (19.0 %) 0.81 - 64.73 0.81
Q2 2020 75.25 (12.1 %) 0.94 - 75.25 0.94
Q3 2020 76.48 10.0 % 0.96 - 76.48 0.96
Q4 2020 29.20 163.7 % 0.36 - 29.20 0.36
Q1 2021 91.53 41.4 % 1.14 - 91.53 1.14
Q2 2021 134.55 78.8 % 1.68 - 134.55 1.68
Q3 2021 204.88 167.9 % 2.56 - 204.88 2.56
Q4 2021 106.06 263.3 % 1.33 - 106.06 1.33
Q1 2022 112.51 22.9 % 1.41 - 112.51 1.41
Q2 2022 168.72 25.4 % 2.11 - 168.72 2.11
Q3 2022 246.53 20.3 % 3.08 - 246.53 3.08

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 27.63 % 12.36 % 7.32 %
Q2 2013 27.09 % 12.81 % 6.86 %
Q3 2013 26.68 % 11.88 % 5.66 %
Q4 2013 24.34 % 8.70 % (0.74 %)
Q1 2014 24.01 % 7.06 % (2.44 %)
Q2 2014 22.51 % 5.50 % (3.57 %)
Q3 2014 21.66 % 5.15 % (4.06 %)
Q4 2014 22.72 % 6.09 % (4.25 %)
Q1 2015 23.09 % 8.13 % (2.10 %)
Q2 2015 23.34 % 8.59 % (2.33 %)
Q3 2015 23.04 % 7.76 % (3.60 %)
Q4 2015 23.15 % 7.66 % (7.85 %)
Q1 2016 21.80 % 3.70 % (12.92 %)
Q2 2016 19.83 % (0.86 %) (17.48 %)
Q3 2016 17.54 % (5.84 %) (22.20 %)
Q4 2016 24.98 % (0.59 %) (9.30 %)
Q1 2017 27.00 % 3.53 % (3.94 %)
Q2 2017 28.20 % 6.75 % (0.16 %)
Q3 2017 31.50 % 12.62 % 6.21 %
Q4 2017 25.73 % 8.81 % 2.67 %
Q1 2018 26.07 % 8.69 % 2.34 %
Q2 2018 29.75 % 12.50 % 6.48 %
Q3 2018 31.24 % 13.12 % 6.56 %
Q4 2018 30.47 % 12.76 % 4.05 %
Q1 2019 31.65 % 15.63 % 6.78 %
Q2 2019 30.68 % 15.64 % 6.67 %
Q3 2019 29.36 % 16.64 % 7.58 %
Q4 2019 30.12 % 19.49 % 9.91 %
Q1 2020 29.07 % 18.99 % 9.42 %
Q2 2020 29.73 % 20.27 % 8.98 %
Q3 2020 31.37 % 22.65 % 9.80 %
Q4 2020 33.10 % 24.46 % 10.87 %
Q1 2021 34.03 % 25.82 % 11.54 %
Q2 2021 34.83 % 26.62 % 13.23 %
Q3 2021 37.33 % 28.60 % 16.77 %
Q4 2021 35.53 % 27.53 % 17.63 %
Q1 2022 35.09 % 26.52 % 17.25 %
Q2 2022 34.67 % 25.97 % 17.21 %
Q3 2022 34.15 % 26.18 % 17.47 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 80.00 1.18 1.43 14.74
Q2 2013 80.00 1.25 1.46 15.12
Q3 2013 80.00 1.00 1.21 15.18
Q4 2013 80.00 (0.38) (0.16) 14.63
Q1 2014 80.00 (0.50) (0.53) 14.28
Q2 2014 80.00 (0.80) (0.80) 14.37
Q3 2014 80.00 (0.78) (0.89) 14.35
Q4 2014 80.00 (0.49) (0.93) 14.04
Q1 2015 80.00 0.10 (0.45) 14.21
Q2 2015 80.00 0.24 (0.48) 14.51
Q3 2015 80.00 0.13 (0.70) 14.37
Q4 2015 80.00 (1.95) (1.46) 12.08
Q1 2016 80.00 (1.92) (2.30) 12.42
Q2 2016 80.00 (2.79) (2.98) 11.71
Q3 2016 80.00 (3.71) (3.68) 10.67
Q4 2016 80.00 (0.72) (1.68) 11.13
Q1 2017 80.00 (0.76) (0.75) 11.34
Q2 2017 80.00 (0.03) (0.03) 11.50
Q3 2017 80.00 1.29 1.29 11.72
Q4 2017 80.00 0.58 0.58 11.74
Q1 2018 80.00 0.50 0.50 11.90
Q2 2018 80.00 1.49 1.49 12.91
Q3 2018 80.00 1.63 1.63 13.16
Q4 2018 80.00 1.06 1.06 12.68
Q1 2019 80.00 1.91 1.91 13.61
Q2 2019 80.00 1.91 1.91 14.58
Q3 2019 80.00 2.31 2.31 15.33
Q4 2019 80.00 3.08 2.98 15.47
Q1 2020 80.00 2.89 2.79 16.42
Q2 2020 80.00 2.76 2.66 16.45
Q3 2020 80.00 2.84 2.75 18.54
Q4 2020 80.00 3.07 3.07 19.09
Q1 2021 80.00 3.41 3.41 20.59
Q2 2021 80.00 4.15 4.15 22.00
Q3 2021 80.00 5.75 5.75 24.48
Q4 2021 80.00 6.71 6.71 25.83
Q1 2022 80.00 6.98 6.98 27.18
Q2 2022 80.00 7.40 7.40 28.93
Q3 2022 80.00 7.92 7.92 31.47

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 18.61 15.40 1.49
Q2 2013 16.28 13.88 1.34
Q3 2013 20.19 16.62 1.32
Q4 2013 NEG NEG 1.47
Q1 2014 NEG NEG 1.39
Q2 2014 NEG NEG 1.45
Q3 2014 NEG NEG 1.47
Q4 2014 NEG NEG 1.18
Q1 2015 More than 100 NEG 1.17
Q2 2015 70.62 NEG 1.18
Q3 2015 99.84 NEG 0.89
Q4 2015 NEG NEG 4.78
Q1 2016 NEG NEG 3.27
Q2 2016 NEG NEG 3.51
Q3 2016 NEG NEG 1.99
Q4 2016 NEG NEG 3.04
Q1 2017 NEG NEG 2.50
Q2 2017 NEG NEG 2.58
Q3 2017 55.19 55.19 6.10
Q4 2017 More than 100 More than 100 5.04
Q1 2018 More than 100 More than 100 6.60
Q2 2018 66.05 66.05 7.60
Q3 2018 62.43 62.43 7.75
Q4 2018 78.29 78.29 6.53
Q1 2019 41.38 41.38 5.80
Q2 2019 49.46 49.46 6.48
Q3 2019 34.51 34.51 5.21
Q4 2019 25.26 26.04 5.02
Q1 2020 20.92 21.62 3.68
Q2 2020 22.81 23.61 3.82
Q3 2020 27.60 28.53 4.23
Q4 2020 25.57 25.57 4.11
Q1 2021 22.87 22.87 3.78
Q2 2021 42.68 42.68 8.05
Q3 2021 28.16 28.16 6.62
Q4 2021 29.23 29.23 7.60
Q1 2022 36.10 36.10 9.26
Q2 2022 25.40 25.40 6.50
Q3 2022 24.01 24.01 6.04

Business Segments (Million)

Compared With The
Period Publishing and visual and digital content Public relations and advertising sector Printing & packaging sector Others Disposals
Q1 2013 162.30 24.87 272.94 32.69 (92.35)
Q2 2013 185.38 34.01 279.63 18.93 (99.94)
Q3 2013 145.77 25.85 293.68 80.86 (78.72)
Q4 2013 163.39 303.84 295.51 34.14 (356.74)
Q1 2014 150.75 21.47 285.53 34.41 (78.14)
Q2 2014 164.20 40.38 327.40 19.25 (87.27)
Q3 2014 128.41 26.79 316.65 38.73 (72.46)
Q4 2014 148.57 280.72 302.73 26.41 (331.28)
Q1 2015 154.01 26.20 282.77 11.57 (83.93)
Q2 2015 143.32 26.39 291.81 11.89 (77.24)
Q3 2015 107.86 20.90 257.88 10.09 (58.56)
Q4 2015 114.63 249.70 275.30 10.35 (289.52)
Q1 2016 102.03 63.69 254.40 10.82 (102.94)
Q2 2016 100.36 63.45 259.38 11.21 (99.16)
Q3 2016 68.20 40.77 251.33 8.55 (65.93)
Q4 2016 248.27 232.05 240.28 6.22 (246.52)
Q1 2017 145.14 145.77 242.31 5.99 (146.50)
Q2 2017 124.76 136.15 253.08 4.43 (123.31)
Q3 2017 92.03 141.64 251.48 4.42 (89.05)
Q4 2017 183.72 167.52 244.81 35.08 (84.37)
Q1 2018 133.55 165.89 202.57 9.88 (141.55)
Q2 2018 152.40 203.27 256.11 3.90 (100.89)
Q3 2018 131.23 271.10 276.34 6.09 (125.00)
Q4 2018 272.02 263.44 283.47 16.44 (189.36)
Q1 2019 201.53 231.41 202.04 10.96 (114.31)
Q2 2019 302.32 235.12 237.62 2.69 (222.90)
Q3 2019 265.34 357.03 252.51 5.33 (173.28)
Q4 2019 289.34 87.85 232.17 35.82 (28.95)
Q1 2020 115.25 283.08 194.27 13.24 (110.59)
Q2 2020 256.30 197.69 199.63 15.43 (112.54)
Q3 2020 181.03 291.73 204.45 14.07 (114.19)
Q4 2020 514.49 448.14 169.34 6.75 (507.46)
Q1 2021 311.36 199.98 173.44 16.52 (104.48)
Q2 2021 315.75 288.60 194.21 11.60 (107.43)
Q3 2021 312.17 403.11 203.61 8.02 (112.97)
Q4 2021 517.61 479.71 212.38 17.77 (294.98)
Q1 2022 398.22 240.46 236.42 12.20 (100.95)
Q2 2022 491.59 239.76 270.24 9.11 (103.45)
Q3 2022 439.61 358.08 261.14 45.64 (101.75)


Financial Ratios
Current
Market Cap (M Riyal) 20,160.00
Enterprise Value (EV) (M) 20,320.40
Shares Outstanding ((M)) 80.00
EPS ( Riyal) (TTM) 4.06
Book Value (BV) ( Riyal) 41.73
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 6.04
Return on Average Assets (%) (TTM) 5.5
Return on Average Equity (%) (TTM) 10.0
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Share Price

Saudi Research and Media Group
252.00
(6.80) (2.63 %)

Saudi Research and Media Group (SRMG)

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