https://arab.news/4hhjf
RIYADH: Saudi Research and Media Group’s revenues hit SR3.74 billion ($997 million) in 2023, reflecting a 0.98 percent increase compared to 2022 figures.
According to a Tadawul statement, this increase in sales is primarily attributed to enhanced revenue generated by the publishing and visual and digital content segment, as well as other divisions.
However, the printing and packaging business witnessed a decline in revenues due to several planned projects not being secured.
The total shareholders’ equity for the parent company, after excluding non-controlling interest, as of Dec. 31, 2023, stands at SR3.08 billion, reflecting a 16.26 percent increase compared to the corresponding period a year earlier.
Meanwhile, SRMG’s net profits reached SR559 million by the end of last year, showing a decrease of 13.74 percent compared to the same period in 2022.
The decline was primarily attributed to the drop in revenue of the printing and packaging division, along with the goodwill impairment associated with the same segment, in addition to the operating costs of certain projects.
In January, SRMG, the largest integrated media group from the Middle East and North Africa region, announced the appointment of several new editors-in-chief, deputy editors-in-chief, and assistant editors-in-chief.
This announcement aligned well with SRMG’s digital transformation, growth, and expansion strategy, showcasing the group’s dedication to cultivating the next generation of journalists and media professionals to meet the demands of audiences worldwide.
Moreover, this decision reflected the significant shift in regional media consumption habits, particularly with the increasing popularity of digital, social, and audio-visual media platforms.