Saudi Research and Media Group Stock Surges to Historic High
In a remarkable turn of events, the share price of Saudi Research and Media Group skyrocketed by 9.96 percent on Sunday, hitting a record high of SR335.60 ($89.48) since its debut on Tadawul. The media giant, based in Riyadh, closed the trading session at SR314.80, marking a significant 3.15 percent increase from its opening value.
Established in 2006 on the Tadawul All Share Index at a base price of SR95, the company owns various publishing and media entities, including Saudi Research and Publishing Co. and Asharq News Services. The media landscape in Saudi Arabia is rapidly evolving, propelled by Vision 2030 reforms, a thriving entertainment sector, and advancements in tourism.
In a strategic move, SRMG partnered with Qvest in January to create a joint venture focused on enhancing media, production, and technology services in the kingdom. This collaboration emphasizes foresight, innovation, cloud adoption, and content distribution.
Moreover, the company recently shifted to a digital-first approach for its publications as part of its transformation and growth strategy. This initiative underscores SRMG’s dedication to grooming the next generation of media professionals.
March 2023 saw the launch of SRMG Ventures, the company’s corporate venture capital arm, aimed at investing in early-stage companies and technologies. Last year, SRMG reported a 5 percent increase in net profit and an 8.1 percent rise in revenue for the first nine months, showcasing its financial strength and growth trajectory.
With net earnings climbing 1 percent in the third quarter of 2023, SRMG continues to demonstrate resilience and innovation in the competitive media landscape.