Saudi Research and Media Group Reports Dip in Profit
In its statement to Tadawul, the Saudi Exchange, Saudi state-backed media company Saudi Research and Media Group (SRMG) has disclosed that its net profits dipped to 86.87 million riyals ($23 million) during the first quarter, compared to 120.97 million riyals in the year earlier period.
The main reason for the 7.89% decrease to 814.86 million riyals in revenue during the current quarter compared to 884.64 million riyals in the year earlier period is due to the decrease in revenue from public relations and advertising segment in addition to the decrease in the printing and packaging segment revenues.
The reason of increase in net profits for the current quarter as compared to the previous quarter is mainly due to a 40.36% increase in gross profit, in addition to recognizing a goodwill impairment associated to the printing and packaging segment during the fourth quarter of 2023.
However, SRMG also announced a 2.07% revenue decrease during the current quarter relative to the previous quarter, driven by revenue decline from the public relations and advertising segment, and all other segments given the seasonality of performance.
