SRMG 9M 2023 net profit rises 5% to SAR 551.5 mln; Q3 at SAR 249 mln

SRMG 9M 2023 net profit rises 5% to SAR 551.5 mln; Q3 at SAR 249 mln

08/11/2023 Argaam Exclusive

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Saudi Research and Media Group (SRMG) reported a net profit of SAR 551.5 million for the first nine months of 2023, an increase of 5% from SAR 527.8 million in the year-earlier period.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 2,696.31 2,914.15 8.1 %
Gross Income 987.51 998.81 1.1 %
Operating Income 588.62 624.58 6.1 %
Net Income 527.77 551.54 4.5 %
Average Shares 80.00 80.00 -
EPS (Riyals) 6.60 6.89 4.5 %

The company reported 8.1% year-on-year (YoY) growth in revenue, even as direct costs rose YoY on higher operating costs.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 1,002.72 1,054.66 5.2 %
Gross Income 397.07 381.65 (3.9 %)
Operating Income 269.79 266.99 (1.0 %)
Net Income 246.53 248.96 1.0 %
Average Shares 80.00 80.00 -
EPS (Riyals) 3.08 3.11 1.0 %

Q3 2023 net earnings inched up 1% to SAR 249 million, from SAR 246.5 million, driven by a 5.2% increase YoY in revenue.

 

On a quarterly basis, net profit increased 37.1% from SAR 181.61 million.

 

Total shareholders’ equity, after minority interest, stood at SAR 3.17 billion by Sept. 30, 2023, compared to SAR 2.51 billion in the prior-year period.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q4 2022 1,013.53 8.7 % 265.26 5.4 % 140.32 16.4 %
Q1 2023 884.64 12.5 % 279.18 6.7 % 143.33 9.3 %
Q2 2023 974.85 7.5 % 337.98 2.8 % 215.28 14.7 %
Q3 2023 1,054.66 5.2 % 381.65 (3.9 %) 266.99 (1.0 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q4 2022 121.03 14.1 % 1.51 - 121.03 1.51
Q1 2023 120.97 7.5 % 1.51 - 120.97 1.51
Q2 2023 181.61 7.6 % 2.27 - 181.61 2.27
Q3 2023 248.96 1.0 % 3.11 - 248.96 3.11

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 %
Q3 2023 32.18 % 26.54 % 17.12 %


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
Q3 2023 80.00 8.41 8.41 39.70

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
Q3 2023 19.55 19.55 4.14

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)
Q3 2023 559.76 331.50 204.26 58.92 (99.79)


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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