Newsletter No 32 25 July 2006
 
News from the Media Scene:
SRMG Registers 80 Percent Increase in Profits

The Saudi Research and Marketing Group (SRMG) has registered 151.6 million Saudi Riyal (USD $50.5 million) profit during the first half of 2006, a 80 percent increase compared to the first period of 2005, the company has announced.

According to Prince Faisal Ben Salman, chairman of the board, this is the result of the sustained growth of SRMG’s subsidiaries, such al Al Medina Printing & Publishing Co. and Al Khaleejiah Advertising.

SRMG, which publishes Al Sharq Al Awsat among others, went public on 8 April 2006 by floating 24 million shares, 30 percent of its capital, with a value of SAR 800 millions (USD 213.3 millions). The IPO was oversubscribed nearly four times, the group said.