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SRMG’s net profit plummets 28% YoY in Q1-24

SRMG’s net profit plummets 28% YoY in Q1-24
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Riyadh – Mubasher: The net profit of Saudi Research and Media Group (SRMG) plunged by 28.18% year-on-year (YoY) in net profit to SAR 86.87 million in the first quarter (Q1) of 2024 from SAR 120.97 million.

Revenues decreased by 7.88% YoY to SAR 814.86 million in Q1-24 from SAR 884.64 million, according to the interim financial results.

The earnings per share (EPS) registered SAR 1.09 in the three-month period that ended on 31 March 2024, down from SAR 1.51 in the corresponding period a year earlier.

Quarter-on-quarter (QoQ), the company’s net profit skyrocketed by 975.12% in Q1-24 from SAR 8.08 million in Q4-23, while the revenues edged lower by 2.06% from SAR 832.08 million.

In 2023, SRMG’s net profit decreased by 13.74% YoY to SAR 559.62 million in 2023 from SAR 648.79 million a year earlier.