RIYADH, 13 February 2006 — The Saudi Research & Marketing Group (SRMG) posted a net profit of SR181.4 million ($48.3 million) in 2005, it was announced on Saturday. The amount was 290 percent more than the profit of SR46.5 million ($12.4 million) in 2004.
“Last year’s performance was the best in the company’s history as its sales rose by 12 percent or SR113.6 million ($30.29 million) to SR1.063 billion ($283.46 million), compared to 2004,” the company said in a statement.
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 ($160 million) to SR800 million ($213.33 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,” the 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.
