SRMG's operating profit jumps 253.6% in 2010

The annual report also pointed out that the group's operating profit grew from SR30.6 million in 2009 to SR108.2 million in 2010, registering an increase of 253.6 percent.
Net profit for the fourth quarter of 2010 of SR26.3 million compared to SR10.9 million in the same quarter of 2009, an increase of 141.3 percent.
"Our results for 2010 come within expectations, showing the results of the group's adoption of strategy to diverging sources of income as the group continues its ambitious strategic developing plans that enhance its role in the media, publishing and education sectors," the company said in a statement.
The growth in revenue and profits yielded earnings per share of SR1.1 in 2010 over 57 halalas per share in 2009. Gross profit increased by 106.8 percent to SR88.7 million in the fourth quarter of 2010 compared to SR42.9 million in the fourth quarter 2009.
"Operating profit was SR31.4 million in the fourth quarter of 2010 compared to an operating loss of SR34.9 million in the fourth quarter of 2009," the statement pointed out.
Gross profit for 2010 was SR341.8 million compared to SR294.7 million in 2009, an increase of 16 percent.
Reasons cited for the growth in profit have been attributed to a 10.3 percent rise in revenue as a result of a 4.6 percent increase in advertising income and a 38.1 percent growth in returns from investments in the education sector.
The continued recovery of the printing sector (which grew by 12.6 percent) and positive results of cost and expense reduction programs were other reasons for the group's good financial results.