MBC Group recorded a 44.8% y-o-y rise in net income to SAR 69 mn in 2023, exceeding its financial targets for the year, the regional broadcaster said in its first post-IPO earnings release (pdf). Revenues were up 6.2% y-o-y to SAR 3.7 bn in the same period. MBC made its debut on Tadawul’s main market in January, selling shares at SAR 25.00 apiece in an IPO that raised SAR 831 mn.

What’s driving growth: The strong performance was attributed to a fall in Shahid’s net losses, along with revenue growth from the advertising video on demand (AVOD) and subscription video on demand (SVOD) platforms. The media giant aims to hit breakeven for Shahid within five years.

By the numbers: The company’s strategy has “driven Shahid SVOD subscribers to surpass our targets, reaching just under 4 mn, while our AVOD revenues have grown by 143% y-o-y, reaching SAR 112 mn,” said MBC Group CEO, Sam Barnett.

Business segment is leading the charge: Net income from broadcasting and commercial activities fell 21% y-o-y to SAR 345 mn in 2023, yet they remain to be the highest revenue generating segment, followed by media and entertainment initiatives with a net income of SAR 4 mn.

Market reax: MBC shares were down 0.2% at market close to SAR 58.6 apiece. Shares are up 134% since its debut.

TAIBA INVESTMENTS-

Real estate firm Taiba Investments’ net income dropped 21.3% y-o-y to SAR 109.8 mn in 2023, while its revenues grew 62.4% to SAR 536.4 mn, it said in a disclosure to Tadawul yesterday.

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