Riyadh – Mubasher: MBC Group posted a 44.80% year-on-year (YoY) surge in group net income to SAR 69 million in 2023 from SAR 48 million.
The group total revenue grew 6.20% YoY to SAR 3.70 billion last year from SAR 3.48 billion, according to a press release.
Waleed bin Ibrahim Al Ibrahim, Chairman of MBC Group, said: "These results demonstrate the group's ability to maintain its leading position in the media and entertainment industry and contribute to developing the Kingdom of Saudi Arabia’s media ecosystem in line with KSA Vision 2030."
"Our commitment is to continue pioneering cutting-edge technologies and delivering groundbreaking viewing experiences, setting new industry standards," he added.
Sam Barnett, CEO of MBC Group, stated: "During 2023, we delivered on our plans for Broadcasting & Other Commercial Activities, Shahid, and M&E Initiatives. Particularly on Shahid, we leveraged content, technology, and marketing efforts to drive SVOD subscribers.”
"Looking ahead to 2024, MBC Group is poised for continued growth and innovation…We expect an increase in advertising revenue across all our platforms and anticipate Shahid's strong growth momentum to continue,” Barnett noted.
It is worth noting that MBC Group started trading on the Saudi Exchange’s (Tadawul) main market on 8 January 2024 after an initial public offering (IPO) which raised SAR 831 million ($222 million).
