RIYADH, 24 March 2005 — The Saudi Research & Marketing Group (SRMG) made a net profit of SR43.6 million last year, the company announced yesterday.
The announcement came following a meeting of the board of directors of SRMG in Riyadh on Sunday under the chairmanship of Prince Faisal ibn Salman, the board chairman.
SRMG achieved 22 percent increase in its operational revenues to SR170 million compared to 2003, the company said in a statement.
“The performance of 2004 was highly successful in achieving the company’s objectives,” the statement said, adding that the year witnessed tremendous growth in operational revenues. The company said revenues from continuous operations totaled SR93.3 million in 2004 compared to SR41.6 million in the previous year, registering a growth rate of 125 percent.
The profitability of the company’s shares rose to SR3.63 in 2004 compared to SR0.896 the year before, the statement said, noting a growth rate of 303 percent.
The board expressed happiness that the company’s bank debts fell by SR131 million from the 2003 figure and for maintaining a good standard of liquidity, the statement said.
The board approved the company’s financial statement and position as well as its revenues for the year ending Dec. 31, 2004.
The board called for an ordinary meeting of the company’s general assembly in Jeddah on April 23 to approve distribution of dividends worth SR42 million among shareholders. The amount accounts for seven percent of the capital.
Prince Faisal expressed his satisfaction over the company’s positive financial results in 2004. He attributed SRMG’s achievements to the dedicated teamwork of its employees.
The chairman expected better results in the current fiscal year. “We have already adopted a number of long-term and short-term strategic plans to strengthen the company,” he said.
