JEDDAH, 5 May 2004 — The Saudi Research & Marketing Group (SRMG) posted net operating profit of SR42 million in 2003, 160 percent more than the previous year, a press statement issued by the company said yesterday.
“The company’s liquidity also rose by 68 percent to SR121 million in 2003 compared to the previous year while its net revenues reached SR780 million,” the statement said.
Prince Faisal ibn Salman, SRMG chairman, expressed his satisfaction over the good results achieved by the company last year.
“These positive results are the outcome of combined efforts made by all employees of the group,” the chairman said following a meeting of SRMG’s board of directors.
The company’s board has decided to distribute SR30 million in dividends among its shareholders. “In light of the positive financial results, the board has decided to distribute SR30 million in dividends at the rate of SR2.5 per share,” the statement said.
The profit for 2003 was calculated before deducting non-recurrent expenditures related to restructuring, the statement said.
In 2002, the company made a profit of SR16 million, it added.
The 2003 results were “the outcome of the cooperation of the company’s partners. It’s the first of many successes to be achieved in the future.”
Prince Faisal said that the company would take “serious steps” to achieve greater profits after the completion of the administrative and financial restructuring process.
He expressed hope the restructuring and development process would reflect positively on the company’s performance in the coming years.