Riyadh, Asharq Al-Awsat- the Saudi Research and Marketing Group (SRMG) have announced that the company’s net profit has soared by 44 percent to reach $69.6 million in 2006 compared to the previous year, according to an official statement.
The statement also revealed that the company’s total revenues in 2006 rose by nine percent to $309 million compared to 2005 while total profits increased by 17 percent to reach $124 in 2006 compared to 2005. The statement also showed that operation profits increased by 18 percent in 2006 to $65 million compared to 2005.
The Chairman of SRMG expected the company is going to achieve better results in the current fiscal years. He said that the company has set both short-term and long-term plans to improve its performance and progress. He added that the company, which relocated some of its publications from London to Dubai in 2006, will sell 30 percent of its wholly owned Al-Madina Printing and Publishing company in an IPO in early 2007.