Riyadh – Mubasher: Saudi Research and Marketing Group on Thursday said it turned to profitability in the second quarter of 2017, against losses in the same period in the year earlier.

Net profits stood at SAR 6.7 million in Q2-17, against SAR 51.6 million in losses in Q2-16, according to statements to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits slid 62.8%.

The Tadawul-listed group attributed turning to profits in Q2-17 to higher revenues and the decrease of general and administrative expenses.

Revenues increased 17.9% to SAR 395.1 million in Q2-17, from SAR 335.2 million in the year-ago period.

At the level of the first six months of 2017, the Kingdom’s research and marketing group achieved SAR 24.8 million in profits, against SAR 29.9 million in losses in H1-16.

Revenues surged 18.8% to reach SAR 787.8 million in H1-17, compared to SAR 663.2 million in the corresponding period in the year before.

The stock rose 9.99%, closing at SAR 79.60 on Thursday.