Saudi Research and Media Group profits surge

DUBAI: Saudi Research and Media Group (SRMG), the publisher of Arab News, reported a 41.4 percent increase in first quarter net profit.
The company generated SR91.5 million ($21.4 million) in profit for the first quarter as sales gained by more than a fifth to SR596.8 million, the company said in a filing to the Tadawul stock exchange.
Costs also rose compared to a year earlier "mainly due to operating costs of certain projects," the Riyadh-headquartered company said.
Earlier this week SRMG said it had rebranded to become the Saudi Research and Media Group. It was previously known as The Saudi Research and Marketing Group.
The group owns several companies in publishing and media, including Saudi Research and Publishing Company and Asharq News Services.
The rollout of Saudi Vision 2030 reforms, a booming entertainment sector and the opening of the Kingdom to foreign tourists are all contributing to the rapidly expanding Saudi media landscape.