Saudi Research and Media Group (SASE) Q2 2024 earnings summary

Executive summary

• SRMG reported revenues of SR 1.67 billion for the six months ended 30 June 2024, down from SR 1.86 billion year-over-year.

• Net income attributable to equity holders was SR 168.3 million, compared to SR 302.6 million for the same period last year.

• Total assets stood at SR 5.77 billion as of 30 June 2024, with equity attributable to equity holders at SR 3.17 billion.

• The group operates across publishing, public relations and advertising, printing and packaging, and other segments.

Financial highlights

• Gross profit for the six-month period was SR 481.3 million, down from SR 617.2 million year-over-year.

• Basic and diluted EPS for the six months was SR 2.10, compared to SR 3.78 for the prior year.

• Cash and cash equivalents decreased to SR 359.2 million from SR 607.4 million at year-end 2023.

• Net cash from operating activities was SR 286.4 million, while investing activities used SR 512.8 million.

• Total borrowings and Murabaha stood at SR 774.3 million as of 30 June 2024.

Outlook and guidance

• Management considers the group to have adequate resources to continue as a going concern for at least 12 months.

• No material uncertainties identified that would cast significant doubt on the group’s operational existence.