The General Assembly of Okaz Organization for Press and Publication endorsed the organization's final account and the 2008 budget at a meeting here Thursday. It also cleared the Board of Directors and Director General of any obligations toward the organization. The General Assembly also approved payment of 95% of this year's profit and allocated SR20 million for training and scholarships, SR26 million for developmental projects for 2009, payment of SR18 million as incentives to the employees and payment of SR5 million to employees as Ramadan and Eid gratuity. The General Assembly reviewed the financial performance of the organization last year which witnessed a remarkable increase in revenues, assets, and cash investments – a matter that led to increase in profits. The organization achieved SR166 million net profit last year while the revenue amounted to SR578 million with an increase of SR14 million compared to the previous year. As a result revenue jumped in the past five years. The organization's advertisement revenue reached SR443 million, registering an increase of 8% compared to the previous year while the cash investments surpassed SR380 million. The organization's total assets reached SR500 million and its reserve balance reached SR100 million. Last year, the Board of Directors had adopted a package of important decisions for the development of the editorial desk, printing, marketing, information technology and quality. The continual development in Okaz newspaper – particularly in the editorial section – resulted in an increase of the advertisment space by 10%. Moreover, the London and Cairo printing has boosted the presence of the newspaper internationally. Saudi Gazette's content has also improved remarkably and tremendously and its expenditures have fallen by about SR3 million. Ro'a magazine also received the necessary support for its development and Al-Nadi magazine turned from loss to profit and its sports championship has been approved. The name of Al-Wasseet advertisement publication has been changed to Souq Okaz. In the printing sector, the Board of Directors approved a development plan for the commercial press until the year 2010 besides converting it into an independent company and introducing new machinery so as to upgrade its performance. Two towers have been added to the printing press – a matter that has enabled the organization to print 40 color pages at a time. In fact, it is the first-ever newspaper in the Kingdom that has acquired this printing facility besides introducing UV system in the commercial and printing press to print glossy pages. This has made Okaz the first press organization to introduce this system. The Board of Directors also gave the go ahead to the modernization of the IT Section to speed up its performance and increase its storage capacity besides the computerization of the Information Center, enabling it to save 800,000 pictures electronically and 500,000 picture clippings. The organization's marketing sector has brought laurels to the organization. It also facilitates the organization's social contributions by sponsoring more than 265 events for the civil society institutions in different parts of the Kingdom.
