Saudi Research and Media Group (SASE) Q3 2024 earnings summary

Executive summary

• SRMG reported revenues of SR 2.52 billion for the nine months ended 30 September 2024, down from SR 2.91 billion year-over-year.

• Net income for the nine-month period was SR 271.4 million, a decrease from SR 526.5 million in the prior year.

• Total assets increased to SR 6.03 billion as of 30 September 2024, up from SR 5.73 billion at year-end 2023.

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

Financial highlights

• Gross profit for the nine months was SR 790.1 million, compared to SR 998.8 million year-over-year.

• Operating income for the period was SR 370.1 million, down from SR 624.6 million in the prior year.

• Basic and diluted EPS for the nine months was SR 3.96, compared to SR 6.89 year-over-year.

• Cash and cash equivalents stood at SR 652 million at period end, up from SR 607 million at year-end 2023.

• Total equity increased to SR 3.47 billion from SR 3.26 billion at year-end 2023.

Segment performance

• Publishing, visual, and digital content generated SR 1.26 billion in revenue and SR 378.2 million in gross profit for the nine months.

• Public relations and advertising contributed SR 644.9 million in revenue and SR 368.8 million in gross profit.

• Printing and packaging reported SR 541.7 million in revenue and SR 40.9 million in gross profit.

• All other segments delivered SR 96.8 million in revenue and SR 21.8 million in gross profit.