Following its successful IPO last year, MBC Group, the Saudi broadcasting giant, reported robust Q1-2024 results, with revenues surging by 36% to SR1.23 billion compared to SR909 million in the same period last year. The growth was fueled by a resurgence in TV advertising, increased subscriber numbers during Ramadan, and the inclusion of an additional 10 days of Ramadan in Q1-2024. MBC Group's gross profit for Q1-2024 soared by 115% to SR345 million, while net income witnessed a nearly eight-fold increase to SR121 million, with net income margins reaching 10%, a stark improvement from the negative margin of 2% reported in the same period in 2023.

CEO Sam Barnett expressed satisfaction with the performance, highlighting revenue growth across core businesses and significant subscriber growth in Shahid, the group's OTT platform. Shahid, MBC’s OTT platform, experienced remarkable growth in Q1-2024, with revenue climbing by 72% to SR298 million, driven by a surge in subscription video-on-demand subscribers, particularly during the peak Ramadan season. The platform's total subscriber base reached 4.83 million in the first quarter, with over 800,000 new subscribers added since the end of 2023.