Riyadh Mubasher: MBC Group witnessed a 360% jump in net income to SAR 237.80 million during the first half (H1) of 2024 compared with SAR 51.70 million in H1-23.
Meanwhile, the earnings per share (EPS) hit SAR 0.64 as of 30 June 2024, according to the income statements.
The revenues soared by 10% to SAR 2.19 billion during the January-June 2024 period from SAR 1.99 billion in the year-ago six months (6M).
MBC Group stated that the nearly fivefold increase in H1-24 net profit was driven by a solid top-line performance along with significant margin enhancements including Shahid in particular, which saw advertising revenue (AVOD) more than double during the six-month to SAR 116 million when compared to SAR 54.70 million in H1-23.
MBC Group’s CEO, Sam Barnett, said: “We are pleased with the performance of MBC in H1-24. By continuing to invest in quality content and engaging platforms, we have been able to attract and retain audiences across our various markets.”
Barnett added: “The performance of SHAHID was particularly encouraging driven by a strong Ramadan period while maintaining its forward momentum in terms of both subscribers and advertising revenue – overall, Shahid revenues were up 40.80% in the first half of the year.”
The CEO noted: “In parallel, our traditional broadcasting activities and regional partnerships have remained critical parts of our business success as evidenced by a robust 20% revenue growth compared to the same period last year.”
Barnett concluded: “As we look to the rest of the year, we are focused on increasing audience engagement and delivering value for all our stakeholders.”
Second Quarter Financial Results
During the second quarter (Q2) of 2024, MBC Group achieved a net income worth SAR 116.40 million which was 66.50% higher than SAR 69.90 million in Q2-23.
The revenues, meanwhile, decreased by 11.60% to SAR 963.90 million during April-June 2024 from SAR 1.09 billion in the same quarter a year earlier.
On a quarterly basis, the Q1-24 net profit of MBC Group was 3.95% lower than SAR 121.28 million in Q1-24 and the revenues declined by 22% from SAR 1.23 billion.
