Saudi media group sees profits soar by 80%

The Saudi Research and Marketing Group has posted first half profits of US$40 million, an 80% increase on the same period last year.

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By  Tim Addington Published  July 16, 2006

The Saudi Research and Marketing Group has posted first half profits of US$40 million, an 80% increase on the same period last year. The media group, which publishes titles such as pan-Arab daily Asharq Al Awsat, recorded profits of SR151.6 million (US$40 million) in the first six months of this year, up from SR84.4 million (US$22.5 million) during the same period last year. “These results emphasise the sustained growth of the companies under the group, particularly the Madina Printing & Publishing Company and Al-Khaleejiah Advertising and PR. It is also a pointer to the increasing operating profit of the SRMG subsidiaries,” said Prince Faisal bin Salman, chairman of the SRMG board. Madina Printing & Publishing Company was one of the star performers for the group, posting net profits of SR67 million (US$17.8 million) to the end of June, compared to SR37 million (US$9.8 million) during the period last year. Al-Khaleejiah recorded a net revenue of SR374 million (US$99.7 million), an increase of 17% on the same time last year. In April this year, SRMG floated 24 million shares, or 30% of it capital, worth US$213 million. The IPO was nearly four times oversubscribed and eventually saw 1.6 million investors purchase SRMG shares at the rate of SR46 (US$12) a share. In 2005, SRMG recorded a profit of SR181.4 million (US$48.3 million), the best in the company’s history.

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