MBC Group's profits leap 2,327% in 2024
Riyadh - MBC Group logged net profits amounting to SAR 426.13 million in 2024, higher by 2,327% year-on-year (YoY) than SAR 17.55 million.
The revenues hiked by 145.11% to SAR 4.19 billion last year from SAR 1.71 billion in 2023, according to the financial indicators.
Earnings per share (EPS) hit SAR 1.20 at the end of December 2024, versus SAR 0.17 a year earlier.
Waleed bin Ibrahim AlIbrahim, Chairman of MBC Group, said: '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,' he added.
Sam Barnett, CEO of MBC Group, commented: "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."
In the first nine months (9M) of 2024, the net profits increased by 378% YoY to SAR 250.51 million.
Source: Mubasher
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