The company’s net profits during the first six months of the year rose 60.5 percent to SR50.1 million against SR31.2 million during the same period last year, the group said in a statement on Saturday.

SRMG is the parent company of the Saudi Research and Publishing Company (SRPC), which publishes Arab News and 15 other publications, including the London-based Arabic language daily Asharq Al-Awsat.

The group said the estimated financial results for the second quarter ending June 30 showed profits of SR35.3 million, compared to SR10.7 million for the same period in 2009, with an increase of 229.9 percent, and SR14.8 million in the first quarter 2010, with an increase of 138.5 percent.

It said total profits of the second quarter 2010 reached SR96.9 million, compared to SR89.8 million during the same period in 2009, a rise of 7.9 percent.

The group said the operating profit during the period under review reached SR38.1 million against SR17.1 million in the same period last year, showing an increase of 122.8 percent. It said net profits during the first six months of the year amounted to SR50.1 million, up 60.5 percent from SR31.2 million during the same period last year.

It said profit per share during the first six months of the current year was SR0.63 compared to SR0.39 for the same period last year. The total profit during the first six months of 2010 was SR174.3 million against SR169.9 million for the same period the previous year, an increase of 2.6 percent.

Operational profit during the past six months was SR58.6 million compared to SR42 million during the same period in 2009, a rise of 39.5 percent.

The group attributed the rise in first half profits mainly to measures adopted at the end of 2009 and early 2010, including the restructuring of activities, rationalization of expenditures and a rise of revenue as a result of recovery in the printing and advertising sectors, in addition to the development of the education sector.

It said some of the comparative figures were reclassified to be commensurate with figures of the current period.

The company said it would soon publish its audited accounts and financial results.