DUBAI: Saudi Arabia retailer Jarir Marketing posted a 16 percent rise in fourth-quarter net profit yesterday, slightly above estimates as sales of smart phones, tablets and office supplies increased.
The company made a net profit of SR160m ($42.66m) in the three months to December 31, it said in a bourse statement yesterday. This compares with a profit of SR137.9m in the year-earlier period. Analysts polled by Reuters on average forecast Jarir’s quarterly profit would be SR157.9m.
The company said the profit increase was due to an “increase in the sales of most of sections especially smart phones, computer supplies, office supplies, tablets and books”.
Jarir’s full-year profit for 2013 was SR653.3m, up 14.7 percent from 2012’s profit of SR569.8m. It plans to launch six new shops in 2014, of which four will open in the first half of the year, the statement said.