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)


comments powered by Disqus