Arab News, Mon, Mar 25, 2024 | Ramadan 15, 1445
Saudi media giant SRMG hits record high share price of $89.27 on Sunday
Saudi Arabia:
The share price of Saudi Research and Media Group surged by 9.96 percent on
Sunday, reaching a historic high of SR335.60 ($89.48) since its debut on
Tadawul.
The media giant, however, closed Sunday’s trading
session at SR314.80, representing a rise of 3.15 percent from its opening
trading value. The company was listed on Saudi Arabia’s Tadawul All Share Index
in 2006 at a base price of SR95.
The Riyadh-headquartered firm owns several
companies in publishing and media, including Saudi Research and Publishing Co.
and Asharq News Services.
The rapidly expanding media landscape in the
Kingdom is fueled by the rollout of Vision 2030 reforms, a booming entertainment
industry, and Saudi Arabia’s progress in the tourism sector.
In January, SRMG partnered with Qvest, a company
offering media-focused practices and services, to form a joint venture aimed at
enhancing media, production, and technology services in Saudi Arabia.
The joint venture encompasses foresight and
innovation, change management, cloud adoption, data and analytics, media supply
chain technologies, and content distribution.
Additionally, in the same month, the company
announced significant operational changes with the launch of a new exclusively
digital approach for its publications.
In January, according to a press statement, the
company stated, “This announcement aligns with SRMG’s digital transformation,
growth and expansion strategy, demonstrating the group’s commitment to nurturing
the next generation of journalists and media professionals to meet the demands
of audiences worldwide.”
In March 2023, the group announced the launch of
its corporate venture capital arm, SRMG Ventures. Aligned with the firm’s
transformative growth strategy, SRMG Ventures focuses on investments in
early-stage companies and technologies.
In November of last year, SRMG reported a net
profit of SR551.5 million for the first nine months of 2023, marking a 5 percent
increase compared to the same period of the previous year.
The company also reported an 8.1 percent
year-on-year revenue growth to SR2.91 billion in the first nine months of last
year.
Additionally, net earnings for the third quarter
of 2023 inched up 1 percent to SR249 million, compared to SR246.5 million in the
same period of 2022.