SRMG announces interim financial results.
Saudi Research and Media Group announces its Interim Financial Results for the Period Ending on 2021-03-31 ( Three Months ).
The increase in net profits for the current quarter compared to the same quarter of the previous year is mainly due to the increase in the gross profit, resulting mainly from the increase in revenues by 20.5%, noting that the direct costs for the current quarter increased compared to the same quarter of the previous year mainly due to operating costs of certain projects. The main reason for the increase in net profits for the current quarter compared to the fourth quarter of the previous year is due to the impairment cost of intangible assets, as well as the increase in zakat and income tax expenses during the fourth quarter of the year 2020, while the current quarter, is nil. The comparative information presented for the three-month period ended 31 March 2020 has been restated as the translation reserve in equity and trade payables were overstated and understated, respectively, by SAR 17.6 M as at 31 March 2020. Auditors’ opinion is not modified in respect of this matter. Certain prior period figures have been re-classified to conform with the presentation of the current period. The total revenue of the current quarter is SR 596.8 Million, compared to SR 495.2 Million for the same quarter of the previous year, an increase of 20.5%, and compared to 628.5 Million in the previous quarter, a decrease of 5%. Total Comprehensive Income of the parent company for the current quarter is SR 119.5 Million compared to SR 58.9 Million for the same quarter of the previous year, an increase of 102.9%, and compared to SR 44.3 Million for the previous quarter, an increase of 169.8%. The total shareholders equity for the parent company (after excluding non-controlling interest) by end of the current quarter is SR1,646.9 Million compared to SR1,296.3 Million for the same quarter of the previous year, with an increase of 27.0%, and compared to SR1,527.5 Million by end of the previous quarter, an increase of 7.8%. The retained earnings as of 31st of March 2021 is SR 509.6 Million.