Jarir Q4 net profit up 2pc on higher sales
Riyadh, January 9, 2011
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 ending December 30 compared to 103.5 million riyals during the same period a year earlier, the firm said in a bourse statement.
"The reason for higher sales in the fourth quarter and the whole year is the increase in smart phone sales and computer sales as well as other electronic equipment," the firm said.
Fourth quarter sales reached 811.8 million riyals, up 12 percent from the same period a year earlier while annual sales increased by 18 percent to three billion riyals.
The company's annual profit for 2010 grew by 7.2 percent to 401 million riyals, missing its own expectations of a rise of at least 15 percent in 2010 after it opened new stores.
Jarir said last year it planned to expand the number of its stores to between 40-45 stores by the end of 2013 with a goal of increasing sales to close to a billion riyals in 2012. - Reuters