RIYADH, 12 February 2006 — The Saudi Research & Marketing Group (SRMG) posted a net profit of SR181.4 million in 2005, it was announced yesterday. The amount was 290 percent more than the profit (SR46.5 million) in 2004.
"Last year's performance was the best in the company's history. There was a 12 percent increase or SR113.6 million in sales compared to 2004 with total sales of SR1.063 billion," the company said.
Meanwhile, the group's board of directors, which met here last Wednesday, decided to increase the company's capital in two phases from SR600 million to SR800 million by transferring from 2005 reserves and profits.
"The increase in capital will strengthen the company's position to finance its present and future expansion projects," a statement by the group said.
Prince Faisal ibn Salman, chairman of SRMG, expressed his satisfaction over the positive financial results of 2005. "We achieved this result thanks to God's blessing and an integrated working team," he said.
The SRMG chief is optimistic that the company will achieve better results during this fiscal year. "We have set out short-term and long-term strategic plans to achieve this goal," he pointed out.
