The shares of the Saudi Research and Media Group (SRMG) recorded the highest level in more than 14 weeks, as it rose by the end of the trading session on Tuesday by 4.81% to close at 170 riyals, after it had risen by more than 7% during the day to 174.8 riyals.
The stock's gains were accompanied by high trading volumes, through 4,317 transactions for more than 521.5 thousand shares, representing more than 5 times the average daily trading volume on SRMG stock for the last 20 sessions.
During the third quarter of this year, the Saudi Research and Media Group recorded the highest quarterly profits since its listing on the Saudi financial market in 2006, at 249 million riyals ($66.4 million), a growth of 1% over the profits of the third quarter of 2022, in parallel with the increase in operating costs.
SRMG achieves the highest quarterly profits since its listing despite rising costs
Despite the rise in its price today, Saudi Research and Media shares are still down by approximately 5.6% over the last 52 weeks, compared to the rise of the main index of the Saudi stock market (TASI) by 16% for the same period.
This year witnessed the launch of several new platforms by the largest media group in the Middle East and North Africa, including “Al Sharq Documentary,” “Al Sharq Discovery,” and “Billboard Arabia.” In addition to launching “Al Sharq Podcast” and “Al Sharq Radio with Bloomberg” in October.
In August, SRMG Ventures, the venture investment arm of the Saudi Research and Media Group, pumped a $5 million investment into Anghami, the most popular regional music and entertainment streaming platform, which merged in November with OSN+ to create one The largest entertainment broadcasting services companies in the Middle East.