Riyadh - Mubasher: The net profits of MBC Group increased by 378% year-on-year (YoY) to SAR 250.51 million in the first nine months (9M) of 2024.
The sales hit SAR 2.95 billion in January-September 2024, higher by 10.60% when compared to 9M-23, according to the interim financial statements.
The group reported a 378% hike in net income to SAR 250.50 million, driven by solid revenue growth and expanded profit margins across all segments.
Earnings per share (EPS) climbed year-on-year (YoY) to SAR 0.67 in 9M-24 from SAR 0.02.
Financials for Q3-24
In the third quarter (Q3) of 2024, the Saudi group recorded SAR 12.74 million in net profit, higher by 1,771% compared to SAR 681,000.
MBC Group posted revenues amounting to SAR 757.08 million in Q3-24, up 16.59% from SAR 649.33 million in the year-ago period.
Quarterly, the Q3-24 net profits shrank by 89.05% from SAR 116.48 million in Q2-24, while the revenues fell by 21.45% from SAR 963.86 million.
Sam Barnett, CEO of MBC Group, commented: “MBC Group’s nine-month results show revenues nearing SAR 3 billion and a nearly fivefold increase in net profit.”
“Our focus on premium Arabic content, digital innovation and diversification of our revenue streams has enabled us to capture value from both traditional and digital platforms,” Barnett added.
He noted: “SHAHID’s growing reach and engagement post-Ramadan and sustained advertiser demand for our broadcast channels demonstrate our ability to meet audience needs while achieving strong commercial outcomes.”
