MBC Group reports a record 515% increase in net profit to SAR 426mln in FY 2024
The Group delivered exceptional full-year financial and operational results, reporting total revenue of nearly SAR 4.2 billion, up 13.1% year-on-year (YoY), and a 515.2% increase in net profit to SAR 426.1 million.
Waleed bin Ibrahim AlIbrahim, Chairman of MBC GROUP, commented: 'MBC GROUP's achievements in 2024 demonstrate our commitment to leading the region's media and entertainment industry with a vision that extends beyond business performance. By investing in content that resonates with local audiences, advancing digital innovation, and cultivating a strong creative ecosystem, we are not only shaping the future of storytelling but also driving economic and cultural progress across the region. As we move forward, our focus remains on building a legacy that delivers lasting value for our audiences, partners, and stakeholders, while contributing to the transformative goals of Saudi Arabia's Vision 2030.'
Sam Barnett, Chief Executive Officer of MBC GROUP, commented:"Since our IPO, we have remained focused on delivering sustainable growth and strengthening MBC GROUP's position as the region's leading media and entertainment company. 2024 was a strong year, with profitability increasing more than sixfold. SHAHID made notable progress toward profitability, BOCA saw improved advertising revenues, and the Broadcasting and Technical Services business continued its growth. Additionally, the launch of Al Narjis Studios marked a milestone in local content production. The Group will continue to further enhance SHAHID's profitability and deepen its premium content offering. By maintaining a disciplined approach to costs while expanding its revenue streams, the Group is well-positioned to shape the future of entertainment in MENA, while delivering long-term value for its audiences, advertisers, and shareholders."
Financial Highlights
MBC GROUP delivered a strong financial and operational performance in FY 2024, with total revenue reaching nearly SAR 4.2 billion, a 13.1% year-on-year (YoY) increase, and net profit rising 515.2% to SAR 426.1 million. 4Q 2024 revenue totalled SAR 1.2 billion, reflecting a 16.7% YoY increase, while net profit for the quarter reached SAR 175.6 million. Gross profit for FY 2024 rose to SAR 1.2 billion, a 30.7% YoY increase, with margins expanding by 388 basis points to 28.7%, driven by SHAHID's financial improvement and disciplined cost management across all segments.
Broadcasting and Other Commercial Activities (BOCA) for FY 2024 achieved 21.0% YoY revenue growth to SAR 2.4 billion, driven by broadcasting and technical services revenues which more than doubled YoY to SAR 915.4 million. Advertising demand remained strong, with a 22.7% rise in the number of advertisers. In 4Q 2024, BOCA generated revenue of SAR 653.2 million, reflecting a 21.7% YoY increase, underpinned by premium programming and cross-platform advertising solutions. The increase was also partially attributed to a one-off realised return on investment of SAR 170.6 million.
SHAHID consolidated its leadership position as the region's premier streaming platform delivering considerable financial progress. Full-year revenue for both Subscription Video-on-Demand (SVOD) and Advertising Video-on-Demand (AVOD) grew strongly, narrowing SHAHID's losses by 53.8% YoY. SVOD revenue increased 20.1% YoY to SAR 868.1 million driven by a 25.6% increase in subscribers year-on-year to 5 million subscribers. Meanwhile AVOD revenues rose 65.4% to SAR 185.7 million, supported by a 22.1% increase in active monthly users, reaching 18.6 million.
The Media and Entertainment Initiatives (M&E) segment revenues totalled SAR 693.3 million, a 19.8% decline YoY, primarily due to the phased nature of revenue recognition, which ties earnings to the completion of specific projects or services. This approach resulted in a temporary delay in recognising revenue for several high-profile initiatives during the year. Despite this timing impact, net profit increased by 526.3% YoY to SAR 22.0 million. Management fees from major projects remained a reliable source of profitability, underscoring the segment's resilience and strategic value within MBC GROUP's operations.
Content
In 2024, MBC GROUP continued to deliver on its strong and diverse content strategy, through scripted and unscripted formats, flagship international adaptations, premium originals, and exclusive sports coverage. A total of 86 MBC GROUP titles ranked among the top 100 programmes in Saudi Arabia, highlighting the network's strong audience engagement. The Group's content optimisation approach—leveraging multiple channels and platforms—continues to maximise reach and impact, solidifying MBC GROUP's position as the leading entertainment powerhouse in the region.
SHAHID continued to offer a diverse content lineup, releasing 115 new Arabic series and expanding its library to over 60,000 hours of premium Arabic content. Highlights included Khareef Al Qalb, El Atawla, and El Maddah, which achieved record viewership during Ramadan. The platform's exclusive sports programming and multi-genre offerings sustained engagement beyond seasonal peaks, positioning it as a year-round entertainment destination.
Outlook
Looking ahead to 2025, MBC GROUP is focused on leveraging its market leadership, advancing strategic priorities, and delivering sustainable growth across its core business segments. The Group remains committed to its mission to shape the future of media and entertainment in the region while capitalising on emerging opportunities to create long-term value for audiences, advertisers, and stakeholders.
A key priority for the Group is to sustain dominance in viewership and advertising market share across its FTA channels to reinforce the strength of its traditional broadcast business. Simultaneously, the Group is committed to further cementing SHAHID's leadership in the MENA video streaming market by scaling its SVOD and AVOD revenue streams. In addition, the development of premium content that resonates with MENA audiences and has global appeal will remain central to MBC GROUP's growth strategy.
BOCA will maintain its trajectory of steady revenue growth, supported by strong advertiser demand, high-quality programming, and the continuation of existing technical services contracts for major media projects in Saudi Arabia. MBC GROUP's commitment to high-quality broadcasting and technical services remains unwavering, with further growth anticipated through ongoing partnerships and increasing regional demand for media services.
SHAHID will continue to engage audiences year-round by offering compelling and diverse content, advancing toward break even by 2027. The platform will focus on expanding its reach by targeting untapped demographics, while enhancing its user experience to drive audience engagement and revenue growth.
The M&E segment will continue to execute key projects, as well as leveraging management fees to drive profitability. Net profit margins are expected to maintain their upward trajectory, supported by the delivery of key initiatives and a focus on cost efficiency. MBC ACADEMY will continue to play a key role in nurturing local and regional talent for the media industry.
The Group will also continue to expand in verticals such as gaming, music, and event management, aligning with Vision 2030's goals to promote culture and entertainment. This diversification strategy is expected to strengthen the media ecosystem while enhancing MBC GROUP's growth potential in complementary sectors.
-Ends-
About MBC GROUP
Founded over 30 years ago, MBC GROUP is the leading media and entertainment conglomerate in the Middle East and North Africa region. The Group has firmly established itself as a household name, boasting an extensive presence that attracts over 150 million viewers every week. Its global accessibility extends from the Middle East to South America through SHAHID, the number one Over-the-Top ('OTT') online streaming platform in MENA.
In addition to SHAHID, MBC operates 13 free-to-air (FTA) TV channels and three radio stations. The Group continues to expand its regional presence across multiple entertainment verticals including gaming, events, and music. MBC GROUP's platforms connect families across generations through a rich and engaging content library tailored to Arab audiences worldwide.
For further information:
MBC GROUP
Sara Shadid (Advisor) | Claudia Madfouni (Advisor)
Investor.relations@mbc.net
Brunswick Group
Jade Mamarbachi | Edward Moore
mbcgroup@brunswickgroup.com
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