Saudi retailer Jarir Marketing Q2 net profit rises 7.1pc

July 07, 2014 - 10:45:37 am

DUBAI: Saudi Arabia's Jarir Marketing posted a 7.1 percent increase in second-quarter profit on Monday as the retailer recorded higher sales.

Jarir made a net profit of 135.2 million riyals ($36.1 million) in the three months to June 30, up from 126.2 million riyals in the prior-year period, according to a filing to Riyadh's bourse.

The company said the increase was due higher sales in all segments apart from computers. It operated 35 stores in the second quarter, compared to 32 a year ago.

Jarir's estimated second-quarter turnover rose 2.5 percent to 1.29 billion riyals.

The firm plans to open at least seven new shops this year, of which three are already operational, it said.  (Reuters)