RIYADH: The share price of Saudi Research and Media Group (SRMG) 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.
Source: Arab News
