SRMG profit up 8% to SAR 302.6 mln in H1 2023; Q2 at SAR 181.6 mln

SRMG profit up 8% to SAR 302.6 mln in H1 2023; Q2 at SAR 181.6 mln

02/08/2023 Argaam Exclusive

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Saudi Research and Media Group’s (SRMG) net profit rose 8% to SAR 302.6 million in H1 2023, from SAR 281.2 million in H1 2022.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 1,693.59 1,859.49 9.8 %
Gross Income 590.44 617.16 4.5 %
Operating Income 318.83 358.61 12.5 %
Net Income 281.24 302.59 7.6 %
Average Shares 80.00 80.00 -
EPS (Riyals) 3.52 3.78 7.6 %

SRMG reported an increase in the six-month period gross profit, primarily due to a 9.8% year-on-year (YoY) rise in revenue. Meanwhile, the company said that direct costs for the current period increased on a YoY basis, due to operating costs of certain projects in line with the announced strategy.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 907.25 974.85 7.5 %
Gross Income 328.82 337.98 2.8 %
Operating Income 187.68 215.28 14.7 %
Net Income 168.72 181.61 7.6 %
Average Shares 80.00 80.00 -
EPS (Riyals) 2.11 2.27 7.6 %

In Q2 2023, the company’s net profit grew by 8% to SAR 181.6 million from SAR 168.72 million in the prior-year period. Gross profit improved on a 7.5% YoY increase in revenue despite higher direct costs.

 

SRMG’s net profit jumped 50.1% from SAR 120.97 million in Q1 2023, thanks to a 21.1% jump in gross profit.

 

Total shareholders’ equity, after minority interest, rose to SAR 2.92 billion as of June 30, 2023, from SAR 2.31 billion in the earlier-year period.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2014 414.02 3.4 % 98.79 (2.4 %) (27.56) (54.8 %) (0.34)
Q2 2014 463.96 11.0 % 113.33 (12.2 %) 6.22 (79.3 %) 0.08
Q3 2014 438.13 (6.3 %) 93.71 (18.6 %) 2.38 108.0 % 0.03
Q4 2014 427.15 (3.0 %) 90.30 21.1 % (20.35) 53.3 % (0.25)
Q1 2015 390.62 (5.7 %) 99.72 0.9 % 19.72 171.5 % 0.25
Q2 2015 396.17 (14.6 %) 101.86 (10.1 %) 17.67 184.2 % 0.22
Q3 2015 338.17 (22.8 %) 65.77 (29.8 %) (6.74) (383.5 %) (0.08)
Q4 2015 360.45 (15.6 %) 76.47 (15.3 %) (186.49) (816.7 %) (2.33)
Q1 2016 328.00 (16.0 %) 66.03 (33.8 %) 21.72 10.2 % 0.27
Q2 2016 335.24 (15.4 %) 61.76 (39.4 %) (51.64) (392.3 %) (0.65)
Q3 2016 302.92 (10.4 %) 28.39 (56.8 %) (80.60) (1,095.6 %) (1.01)
Q4 2016 480.31 33.3 % 205.14 168.3 % 53.28 128.6 % 0.67
Q1 2017 392.70 19.7 % 112.78 70.8 % 18.04 (16.9 %) 0.23
Q2 2017 395.12 17.9 % 96.79 56.7 % 6.73 113.0 % 0.08
Q3 2017 400.53 32.2 % 110.94 290.8 % 25.52 131.7 % 0.32
Q4 2017 546.76 13.8 % 125.98 (38.6 %) (3.95) (107.4 %) (0.05)
Q1 2018 370.34 (5.7 %) 112.84 0.1 % 11.74 (34.9 %) 0.15
Q2 2018 514.79 30.3 % 195.32 101.8 % 85.52 1170.1 % 1.07
Q3 2018 559.76 39.8 % 188.14 69.6 % 37.41 46.6 % 0.47
Q4 2018 646.01 18.2 % 140.73 11.7 % (50.06) (1,166.1 %) (0.63)
Q1 2019 531.63 43.6 % 188.67 67.2 % 79.88 580.3 % 1.00
Q2 2019 554.84 7.8 % 185.70 (4.9 %) 85.62 0.1 % 1.07
Q3 2019 706.93 26.3 % 201.15 6.9 % 69.54 85.9 % 0.87
Q4 2019 616.24 (4.6 %) 150.16 6.7 % 11.07 122.1 % 0.14
Q1 2020 495.25 (6.8 %) 152.84 (19.0 %) 64.73 (19.0 %) 0.81
Q2 2020 556.50 0.3 % 201.87 8.7 % 75.25 (12.1 %) 0.94
Q3 2020 577.09 (18.4 %) 199.41 (0.9 %) 76.48 10.0 % 0.96
Q4 2020 631.26 2.4 % 193.96 29.2 % 29.20 163.7 % 0.36
Q1 2021 596.81 20.5 % 208.41 36.4 % 91.53 41.4 % 1.14
Q2 2021 702.74 26.3 % 271.66 34.6 % 134.55 78.8 % 1.68
Q3 2021 813.93 41.0 % 350.46 75.7 % 204.88 167.9 % 2.56
Q4 2021 932.49 47.7 % 251.62 29.7 % 106.06 263.3 % 1.33
Q1 2022 786.34 31.8 % 261.63 25.5 % 112.51 22.9 % 1.41
Q2 2022 907.25 29.1 % 328.82 21.0 % 168.72 25.4 % 2.11
Q3 2022 1,002.72 23.2 % 397.07 13.3 % 246.53 20.3 % 3.08
Q4 2022 1,013.53 8.7 % 265.26 5.4 % 121.03 14.1 % 1.51
Q1 2023 884.64 12.5 % 279.18 6.7 % 120.97 7.5 % 1.51
Q2 2023 974.85 7.5 % 337.98 2.8 % 181.61 7.6 % 2.27

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2022 33.77 % 26.41 % 17.49 %
Q1 2023 33.36 % 26.31 % 17.26 %
Q2 2023 33.01 % 26.82 % 17.29 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2022 80.00 8.11 8.11 33.15
Q1 2023 80.00 8.22 8.22 35.39
Q2 2023 80.00 8.38 8.38 36.60

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2022 22.44 22.44 5.49
Q1 2023 24.00 24.00 5.57
Q2 2023 22.54 22.54 5.16

Business Segments (Million)

Compared With The
Period Publishing and visual and digital content Public relations and advertising sector Printing & packaging sector Others Disposals
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)
Q4 2022 607.63 420.25 232.29 41.46 (288.10)
Q1 2023 499.37 241.24 210.93 34.57 (101.47)
Q2 2023 580.26 270.72 191.89 33.02 (101.04)


Financial Ratios
Current
Market Cap (M Riyal) 17,248.00
Enterprise Value (EV) (M) 16,586.58
Shares Outstanding ((M)) 80.00
EPS ( Riyal) (TTM) 6.57
Book Value (BV) ( Riyal) 38.87
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 32.03
P/E (TTM) 32.82
Price/book 5.55
Return on Average Assets (%) (TTM) 8.1
Return on Average Equity (%) (TTM) 17.7
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Share Price

Saudi Research and Media Group
215.60
(0.60) (0.28 %)

Saudi Research and Media Group (SRMG)

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