Arab News, Tuesday, Aug 17, 2021 | Muharram 8, 1443
Saudi media group SRMG profit jumps 62% to $60.3m in H1 2021
Saudi Arabia:
Saudi Research and Media Group
(SRMG), owner of Arab News, posted a 62 percent rise in profit for the first
half of 2021, the company said in a Tadawul filing.
The company, which owns more than 30 major media
outlets including Asharq Al-Awsat, recorded a net profit of SR226.1 million
($60.3 million) in the first six months of the year, up from SR140 million in
the same period in 2020.
The group earlier announced a transformation
strategy, with a focus on expanding its platforms, and pursuing international
partnerships and strategic investments.
The Saudi group already has partnerships with
Bloomberg and The Independent.
The strategy also includes boosting the company’s
digital capabilities, as well as strengthening its cable and satellite reach.
“The group will continuously look to leverage its
data and technology capabilities to develop new products and services, enhance
its monetization capabilities and diversify its revenue stream,” SRMG said in a
statement in July.