Jarir Marketing, Saudi Arabia's second-largest listed retailer by market value, beat analysts' estimates as it posted a 25.5 per cent increase in fourth-quarter net profit on Wednesday on the back of higher turnover.
Saudi Arabia retailer Jarir Marketing has posted a 16 per cent rise in fourth-quarter net profit, slightly above estimates as sales of smart phones, tablets and office supplies increased.
The company made a net profit of SR160 mil
Saudi labour reforms to nudge more local people and notably women into jobs once held by expatriates have raised consumer spending and boosted revenue for retailers, Muhammad Al-Agil, chairman of Jarir Marketing Co, said.
Saudi Arabia-based bookstore chain Jarir Marketing Company plans to expand the number of its stores by at least 70 per cent in the next five years to take advantage of the Gulf region's rapid population growth.
Jarir Marketing, a leading Saudi office supplies and electronics retailer, expects higher sales of tablet PCs and smartphones to drive growth in 2011, its chairman said.
Muhammad Al Agil also told Reuters that the Saudi king's massive hand
Saudi-based office supplies and electronics retailer Jarir Marketing Co's quarterly net profit rose two percent on higher sales of electronics, the company said on Sunday.
Jarir made 103.7 million riyals ($27.7 million) in the three months
Saudi office supplies and electronics retailer Jarir Marketing said on Tuesday it expects third-quarter net profit to rise by 15 per cent after posting a 4 per cent rise in the second quarter.
'The school season will fall in the third