Latest news with #WaleedbinIbrahimAlIbrahim
Saudi Gazette
09-05-2025
- Business
- Saudi Gazette
MBC to build new headquarters in Diriyah's Media and Innovation District
RIYADH — MBC Group has signed a land transfer agreement with Diriyah Company to develop its new regional headquarters in Diriyah, marking a major step in Saudi Arabia's efforts to become a global media and cultural hub. The new headquarters will serve as a center for content production, creative innovation, and entertainment, positioning MBC in the heart of Diriyah's emerging Media and Innovation District. The agreement includes plans to construct advanced studios, corporate offices, and an immersive visitor experience center. The development forms part of the broader Diriyah giga-project, a $18.6 billion initiative aimed at transforming Diriyah into one of the world's premier cultural destinations. Once complete, the project will include world-class venues such as the Royal Diriyah Opera House and Diriyah Arena, along with luxury hotels, restaurants, retail districts, and educational institutions. Commenting on the agreement, Minister of Tourism and Secretary General of Diriyah Company, Ahmed Al-Khateeb, described the partnership as a 'powerful statement of intent,' underscoring Saudi Arabia's ambition to become a global center for storytelling and creative exchange. MBC Group Chairman Waleed bin Ibrahim Al Ibrahim said the new headquarters will support the Kingdom's strategic vision to elevate the media and entertainment sector. 'This move strengthens our commitment to local content creation and positions MBC as a cornerstone of Saudi Arabia's creative industries,' he said. Mike Sneesby, CEO of MBC Group, emphasized the project's alignment with MBC's long-term goals, noting: 'We are proud to be part of Diriyah's evolution into a world-class cultural capital. Our new complex will be a space where creativity, content, and talent thrive.' Diriyah Company CEO Jerry Inzerillo welcomed MBC as the first flagship tenant of the Media and Innovation District launched earlier this year, highlighting the project's role in attracting top-tier talent and industry players across media, technology, and the arts. The designated land plot will be developed under a comprehensive Development Works Agreement. The move follows MBC's earlier expansion milestones, including the launch of studios in Al Narjis in 2024 and the opening of its headquarters in Riyadh's Diplomatic Quarter in 2022. The group currently employs more than 2,000 staff across its platforms. — SG
Broadcast Pro
09-05-2025
- Business
- Broadcast Pro
MBC Group to build new HQ in Diriyah in partnership with Diriyah Company
The new facility will house MBC offices, advanced filming studios and an immersive visitor experience centre. MBC Group has signed a land transfer agreement with Diriyah Company to develop a new state-of-the-art headquarters in Diriyah, known as 'The City of Earth' and the historic birthplace of the Kingdom of Saudi Arabia. This strategic partnership will see the creation of a modern media hub that merges content production, innovation and immersive entertainment in one of the Kingdom's most ambitious giga-projects. The new MBC headquarters will feature corporate offices, cutting-edge filming studios and a dedicated visitor experience centre, positioning the Group at the heart of Diriyah's emerging business and cultural district, just 15 minutes from downtown Riyadh. The initiative underscores Diriyah's appeal as a prime destination for world-class institutions and reinforces MBC's role as a major force in Saudi Arabia's rapidly evolving media landscape. Both MBC and Diriyah Company view this collaboration as a key contribution to Saudi Arabia's Vision 2030 goals, aiming to elevate the Kingdom's profile as a global media and cultural hub. The development will be guided by a comprehensive Development Works Agreement between the two parties. The project will be part of Diriyah's expansive urban development, which is set to house nearly 100,000 residents, create over 178,000 jobs and contribute $18.6bn (SAR 70bn) to Saudi Arabia's GDP. The 14-sq-km development will also include the Royal Diriyah Opera House, Diriyah Arena, luxury hotels, restaurants, retail districts and educational institutions, making it one of the world's premier cultural and lifestyle destinations. MBC Group, which already operates more than 13 free-to-air TV channels, three radio stations, the Arabic streaming platform Shahid, MBC Studios and MBC Academy, continues to expand its regional footprint. The group launched its Riyadh Diplomatic Quarter headquarters in 2022 and opened advanced production facilities in Al Narjis in 2024, where the first studio began operating in Q3. MBC currently employs over 2,000 staff and remains committed to growing local content creation and talent development in the Kingdom. Commenting on the announcement, His Excellency Ahmed Al-Khateeb, Minister of Tourism of Saudi Arabia and Secretary General of Diriyah Company, said: 'This partnership is a powerful statement of intent. As Diriyah emerges as a cultural and creative capital for the world, welcoming MBC Group at its heart signals a bold new chapter. Together, we are shaping a future where Saudi Arabia is not only a destination, but a dynamic source of inspiration, storytelling, and global exchange — a place where the world comes to experience the Kingdom, and where the Kingdom reaches out to the world.' Waleed bin Ibrahim AlIbrahim, Chairman of MBC Group, commented: 'Establishing our new headquarters in Diriyah is part of our commitment to Vision 2030. This step not only expands our regional presence, but also supports the Kingdom's vision to strengthen the media and entertainment sector, foster innovation, and drive progress in the creative industries—especially as the growing demand for high-quality, original Arabic content continues to be a key driver in the development of the media industry across the Middle East and North Africa region. He added: 'Through initiatives such as the launch of MBC's new studios in Al-Narjis last year, and the establishment of the group's new headquarters in Diriyah, we remain focused on supporting the development and production of local content, investing in local talent, and advancing the media and entertainment landscape at the heart of the Kingdom—enriching the region's creative scene and elevating it to a global level.' Mike Sneesby, CEO of MBC Group, stated: 'This partnership marks a significant milestone for MBC Group, aligning closely with our long-term vision and growth strategy. Diriyah is rapidly becoming a global hub for culture, creativity and entertainment, and we are proud to be part of this exciting development. Our goal is to create a space where world-class content, creativity, and talent can thrive. We will continue to produce content that resonates with audiences worldwide, while highlighting the Middle East's rich history and culture, with Saudi Arabia at its core.' Jerry Inzerillo, CEO, Diriyah Company Group, noted: 'We are enormously proud to welcome MBC as our first flagship tenant in the Media and Innovation District launched earlier this year at MIPIM in Cannes. This district will include innovative office space for thousands of professionals in a variety of sectors across the media, technology and the arts industries, as well as residential and hotels offerings found nowhere else but in Diriyah.'
Zawya
28-03-2025
- Business
- Zawya
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
Al Bawaba
27-03-2025
- Business
- Al Bawaba
MBC Group Reports A Record 515% Increase In Net Profit To Sar 426 Million In FY 2024
MBC GROUP ('MBC' or the 'Company' or the 'Group' | Tadawul: 4072), the leading media and entertainment conglomerate in the Middle East and North Africa (MENA) region, announced its financial results today for the fourth quarter ('4Q 2024') and Full Year ('FY 2024'), ending 31 December 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.
Zawya
27-03-2025
- Business
- Zawya
MBC Group reports a record 515% increase in net profit to SAR 426mln in FY 2024
Riyadh, KSA – MBC GROUP (' MBC ' or the ' Company ' or the ' Group ' | Tadawul: 4072), the leading media and entertainment conglomerate in the Middle East and North Africa (MENA) region, announced its financial results today for the fourth quarter (' 4Q 2024 ') and Full Year (' FY 2024 '), ending 31 December 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) Brunswick Group Jade Mamarbachi | Edward Moore mbcgroup@
