Riyadh – Mubasher: The Saudi Research and Marketing Group reported a 190.1% surge in its annual net profit to SAR 246.1 million last year, compared with SAR 84.6 million in 2018.

The company attributed the rise in profits to higher revenues, despite an increase in direct costs, according to a statement to the Saudi Stock Exchange (Tadawul) on Thursday.

Revenues grew by 15.7% to SAR 2.42 billion in 2019, up from SAR 2.09 billion in the previous year.

Moreover, the company saw a decline in the cost of sales and marketing, as well as general and administrative expenses.