Riyadh – Mubasher: MBC Group registered SAR 121.28 million in net profit during the first quarter (Q1) of 2024, according to the financial results.
The group’s total revenues climbed by 36% to SAR 1.23 billion ($330 million) in Q1-24 from SAR 909 million ($242 million) in Q1-23.
Earnings per share (EPS) hit SAR 0.33 in the first three months (3M) of 2024.
The higher revenues were driven by a healthy recovery in TV advertising, subscriber growth in Ramadan, and the inclusion of an additional 10 days of Ramadan accounted for in the period ended on 31 March 2024
Meanwhile, the gross profit hiked by 115% year-on-year (YoY) to SAR 345 million ($92 million) as of 31 March 2024.
Sam Barnett, CEO of MBC Group, commented: "MBC’s performance in the first quarter of 2024 is in line with our expectations, following a strong year in 2023.”
“We recorded revenue growth across our core businesses and more specifically in Shahid with subscriber growth maintaining its solid trajectory YoY,” Barnett added.
In 2023, the entertainment group witnessed 44.80% YoY higher net income at SAR 69 million, compared to SAR 48 million.
