SRMG Reports SR3.74 Billion in Revenues, 16.26% Equity Growth, but Net Profits Decrease: New Digital Appointments Announced
Saudi Research and Media Group (SRMG) reported revenues of SR3.74 billion ($997 million) in 2023, a 0.98% increase from the previous year.
The growth was driven by the publishing, visual and digital content, and other divisions.
However, the printing and packaging business experienced a decline in revenues due to unsecured projects.
SRMG's total shareholders' equity increased by 16.26% to SR3.08 billion.
Despite the revenue growth, net profits decreased by 13.74% to SR559 million due to the decline in the printing and packaging division's revenue and goodwill impairment associated with that segment, as well as project operating costs.
In January, SRMG, a major media group from the Middle East and North Africa region, announced new appointments for editors-in-chief, deputy editors-in-chief, and assistant editors-in-chief.
These appointments align with SRMG's digital transformation, growth, and expansion strategy, demonstrating their commitment to developing new journalists and media professionals for global audiences.
The shift in regional media consumption towards digital, social, and audio-visual platforms was highlighted by this decision.