Saudi retailer Jarir net profit up 16pc
Jeddah, January 8, 2014
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 million ($42.66 million) in the three months to December 31, it said in a bourse statement. This compares with a profit of SR137.9 million in the year-earlier period.
The company said the profit increase was due to an "increase in the sales of most of sections especially smartphones, computer supplies, office supplies, tablets and books".
Jarir's full-year profit for 2013 was SR653.3 million, up 14.7 per cent from 2012's profit of SR569.8 million. It plans to launch six new shops in 2014, of which four will open in the first half of the year.
Jarir's main domestic rival in retailing electronics, United Electronics said its fourth-quarter net profit rose 1.4 per cent to SR58.8 million from a year earlier.-Reuters