MBC Group
MBC Group closed 2025 with a familiar headline tension: strong revenue growth alongside flat profit. Revenues rose 28.5% to SAR 5.39 billion ($1.44 billion), the fastest growth in the group’s recent history, yet net profit barely moved, edging up 2.7% to SAR 437.5 million ($116.7 million). The gap is explained by deliberate choices rather than weakness: heavy investment in content ahead of Ramadan, project-timing effects, content write-downs from the group’s annual portfolio review, and the absence of one-off compensation income that had flattered 2024. The year’s defining event sat outside the numbers entirely: Saudi Arabia’s Public Investment Fund (PIF) became the group’s majority shareholder, anchoring the Middle East’s largest private broadcaster firmly within the Kingdom’s economic strategy.
MBC Group: key financial indicators 2024–2025
| Indicator | FY 2024 | FY 2025 | Change |
|---|---|---|---|
| Total revenues | SAR 4,196.4m ($1,119.0m) | SAR 5,390.9m ($1,437.6m) | +28.5% |
| — Broadcasting & Commercial (BOCA) | SAR 2,424.1m ($646.4m) | SAR 2,831.2m ($755.0m) | +16.8% |
| — MBC Shahid (streaming) | SAR 1,078.9m ($287.7m) | SAR 1,383.5m ($368.9m) | +28.2% |
| — Media & Entertainment (M&E) | SAR 693.3m ($184.9m) | SAR 1,176.1m ($313.6m) | +69.6% |
| Gross profit | SAR 1,206.0m ($321.6m) | SAR 1,265.9m ($337.6m) | +5.0% |
| Net profit | SAR 426.1m ($113.6m) | SAR 437.5m ($116.7m) | +2.7% |
| Net profit margin | 10.2% | 8.1% | -2.0pp |
| Normalised net profit | SAR 226.4m ($60.4m) | SAR 230.8m ($61.5m) | +1.9% |
Source: MBC Group FY 2025 Earnings Release, 15 March 2026 (Tadawul: 4072). USD converted at the fixed peg of SAR 3.75 = USD 1.00, in place since 1986.
MBC Group is the leading media and entertainment conglomerate in the Middle East and North Africa, founded in 1991 and listed on the Saudi Exchange (Tadawul: 4072). It operates 14 free-to-air TV channels and three radio stations, the streaming platform MBC Shahid, and the production house MBC Studios, reaching over 150 million weekly viewers. Since 2025 it has been majority-owned by the Public Investment Fund.
MBC Group: media asset map
| Asset | Type | Notes |
|---|---|---|
| MBC1, MBC Masr, and others | Free-to-air TV | 14 channels; pan-Arab and Egyptian markets |
| MBC Shahid | Streaming (SVOD + AVOD) | No.1 OTT platform in MENA; SAR 1.38bn ($368.9m) revenue |
| MBC Shahid Sports | Sports rights | Added Bundesliga, Coppa Italia, Copa del Rey |
| MBC Studios | Content production | Slate over 90% produced in Saudi Arabia |
| Al Narjis production hub | Studios | Studios 1–3 operational; TV building due 2027 |
| Three radio stations | Radio | Pan-regional reach |
Signals
Streaming is scaling toward profitability. MBC Shahid grew revenue 28.2% to SAR 1.38 billion ($368.9 million), with subscription income up 25.4% and advertising up 27.1%. Crucially, its net loss narrowed to SAR 78.7 million ($21.0 million) from SAR 129.1 million ($34.4 million), and gross margin improved to 17.6% from 13.3%. Management reaffirmed a target of breakeven by 2027. For a regional streamer competing with global platforms, this is a credible trajectory.
The advertising base is under pressure. The broadcasting segment (BOCA), still the largest earner at SAR 2.83 billion ($755.0 million), saw net profit fall 7.6% to SAR 492.9 million ($131.4 million). The conclusion of the Saudi Pro League and Saudi Sports Company contracts removed a chunk of advertising revenue, partly offset by growth in Egypt and technical-services contracts. The group guides BOCA margins down to 7–9% in 2026 before recovering.
State alignment is now structural. With PIF as majority owner and a production slate over 90% made in Saudi Arabia, MBC’s commercial fortunes are increasingly tied to Vision 2030 priorities. The Media & Entertainment segment, which grew 69.6% to SAR 1.18 billion ($313.6 million) largely on government-linked projects, illustrates both the opportunity and the dependency: revenue is buoyant, but margins are thin (2.0%) and tied to project-delivery cycles rather than audiences.
The journalism question. MBC operates the influential Al Arabiya news network, but the FY2025 release is almost silent on news. The disclosure centres on entertainment, streaming and sports, leaving the financial health of its journalism, and its editorial independence under majority state ownership, outside the public record.