Saudi's Jarir Marketing Q4 profit rises 16pc

January 07, 2014 - 10:07:22 am

DUBAI: Saudi Arabia retailer Jarir Marketing posted a 16 percent rise in fourth-quarter net profit on Tuesday, slightly above estimates as sales of smart phones, tablets and office supplies increased. 

The company made a net profit of 160 million riyals or $42.66 million in the three months to Dec. 31, it said in a bourse statement on Tuesday. 

This compares with a profit of 137.9 million riyals in the year-earlier period. 

Analysts polled by Reuters on average forecast Jarir's quarterly profit would be 157.9 million riyals. 

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 653.3 million riyals, up 14.7 percent from 2012's profit of 569.8 million riyals.

It plans to launch six new shops in 2014, of which four will open in the first half of the year, the statement said.     

Jarir's main domestic rival in retailing electronics, United Electronics Co (EXTRA) said on Tuesday its fourth-quarter net profit rose 1.4 percent to 58.8 million riyals from a year earlier. (Reuters)