RIYADH, 22 March 2006 — Dr. Azzam Al-Dakhil, executive vice president of Saudi Research and Marketing Group (SRMG), yesterday emphasized the company’s strong position as a market leader thanks to its long-standing experience in the field and outstanding publications such as Asharq Alawsat, Arab News and Al-Eqtisadiah.
Speaking to Al-Arabiya satellite channel on the occasion of the group’s plan to go public on April 8, Al-Dakhil, who is also managing director of Saudi Research & Publishing Company (SRPC), said SRMG made record profits last year as a result of its administrative and financial restructuring.
“The group is characterized by its accumulative expertise that was developed during the past years with high professional standards,” he said.
He also underscored the group’s research section “where we invest considerably in order to get along with modern developments in the media world.”
Al-Dakhil also spoke about the group’s efforts to diversify its resources and investments by buying publications and publishing houses. “SRMG has entered a new era as a result of the far-sighted vision of its efficient management.”
He said the group’s board of directors decided to sell 4.8 million shares or 30 percent of the total stock in an IPO, banking on the company’s strong financial position, exceptional accomplishments and big investment projects for the future.
“We have purchased some of the successful projects such as Hala Press in Riyadh and participated in Motamarat Company along with Dubai Holding,” he explained. “This trend will ensure continuity of success for the company,” he added.
Al-Dakhil said the company’s profit rose from 28 percent in 2004 to 38 percent last year. The money owed to shareholders was brought down from 26 percent in 2004 to 12 percent in 2005 while the rate of return from capital rose from eight percent in 2004 to 23 percent last year, he pointed out.
