The share price of Saudi Research and Media Group (SRMG) soared by 9.96 percent on Sunday, reaching a historic high of SR335.60 ($89.48) since its debut on Tadawul. Despite closing the trading session at SR314.80, reflecting a 3.15 percent increase from its opening value, the media giant’s performance signals investor confidence in its growth trajectory. Established in 2006 with an initial listing price of SR95, SRMG has become a prominent player in the Kingdom’s media landscape, owning various publishing and media companies, including Saudi Research and Publishing Co. and Asharq News Services. The company’s recent success is attributed to its strategic alignment with Saudi Arabia’s Vision 2030 reforms, burgeoning entertainment industry, and advancements in tourism. In January, SRMG formed a joint venture with Qvest, focusing on enhancing media, production, and technology services in Saudi Arabia.
This partnership underscores SRMG’s commitment to innovation and adapting to evolving media landscapes. Additionally, the company’s shift towards a digital-first approach for its publications further emphasizes its dedication to digital transformation and expansion strategies. Moreover, SRMG’s foray into corporate venture capital with SRMG Ventures in March 2023 underscores its commitment to transformative growth. By investing in early-stage companies and technologies, SRMG Ventures aims to drive innovation and stay at the forefront of industry trends. Financially, SRMG reported a net profit of SR551.5 million for the first nine months of 2023, marking a 5 percent increase year-on-year. Revenue also saw significant growth, rising by 8.1 percent to SR2.91 billion during the same period. These positive financial indicators, coupled with strategic initiatives, position SRMG for continued success and expansion in the evolving media landscape.