Riyadh – Mubasher: The Saudi Research and Marketing Group on Thursday announced that its wholly-owned subsidiary Taoq International Public Relations Co. has signed a deal with a company specialising in media and advertising.

The five-year deal will require Taoq International Public Relations to provide media services for an annual sum of SAR 71.8 million ($19.15 million), Saudi Research said in a bourse filing.

This confirms the level of trust other companies have in our subsidiary Taoq International Public Relations, the Saudi-listed firm added, forecasting that the impact of the deal will be reflected in its financial statements start the second quarter of 2018.

In April, Saudi Research and Marketing said Taoq International Public Relations had signed an SAR 111.8 million media and marketing deal.

Saudi Research and Marketing closed Thursday’s traded lower, falling 3.37% to SAR 111.70.

The research and marketing firm last posted a 35% year-on-year drop in net profits to SAR 11.7 million in the first three months of 2018 from SAR 18 million.