Saudi Research and Media Group’s Revenues Reach SR3.74 Billion in 2023
In a remarkable achievement, Saudi Research and Media Group (SRMG) reported revenues of SR3.74 billion ($997 million) in 2023, marking a 0.98 percent increase from the previous year.
Factors Driving Revenue Growth
The surge in sales can be attributed to the outstanding performance of the publishing and visual and digital content segment, along with other divisions within the company. However, the printing and packaging business faced a setback in revenue due to the failure to secure certain planned projects.
Strong Shareholders’ Equity and Net Profits
The total shareholders’ equity for SRMG’s parent company, excluding non-controlling interest, stood at SR3.08 billion by the end of December 2023, reflecting a substantial 16.26 percent increase from the previous year. Despite this positive growth, the net profits decreased to SR559 million in 2023, down by 13.74 percent compared to 2022.
Embracing Digital Transformation
In a strategic move towards digital transformation, SRMG appointed new editors-in-chief, deputy editors-in-chief, and assistant editors-in-chief in January. This decision underscores the company’s commitment to nurturing the next generation of journalists and media professionals to cater to the evolving preferences of global audiences, especially the growing popularity of digital, social, and audio-visual media platforms.