RIYADH: The Saudi Research and Marketing Group (SRMG), which owns this newspaper, has achieved a growth of 19 percent during the first nine months of 2008, the group announced in its estimated results ending Sept. 30.
The group said its speculated net profits for the third quarter of the current year has reached SR36 million compared to SR27.2 million for the same period last year with a growth rate of 32 percent.
According to the group, the estimated financial results for the first nine months of 2008 includes net profits of SR181.7 million compared to SR314.6 million during the same period in 2007 with a drop of 42 percent.
The company attributed this drop to the fact that the net profits for this period included profits of SR161.3 million from the sale of 30 percent of shares of the Al-Madinah Printing and Packaging Company, through placing them for public subscription during the second quarter of 2007. The group said considering the net profits prior to this, the net profits of the period ending on Sept. 30, 2007 will be SR153.3 million compared to SR181.7 million for the same period in 2008.
“Therefore when the two figures are compared, a growth of 19 percent will be revealed,” the company explained in a statement. The company made it clear that the final financial results will be announced as per rules.