Saudi retailer Jarir says Q2 net profit up 7.1%

Jarir Marketing posts $36.1m profit for quarter; plans to open at least seven new shops this year

Saudi shoppers. (Photo for illustrative purposes only)

Saudi shoppers. (Photo for illustrative purposes only)

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 SR135.2 million ($36.1 million) in the three months to June 30, up from SR126.2 million 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 SR1.29 billion.

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

Related:

Market Performance

Jarir Marketing Company
123.0
1.0 0.82 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Saudis tighten their belts for Eid in age of austerity

Saudis tighten their belts for Eid in age of austerity

Gov't cuts, which began late in 2015, are now rippling through...

New Saudi snow city tests kingdom's capacity for fun

New Saudi snow city tests kingdom's capacity for fun

Mixed-gender attraction is a rare opportunity for Saudis of all...

Retail renaissance in Saudi Arabia

Retail renaissance in Saudi Arabia

The largest economy in the GCC is emerging as a lucrative retail...

Most Discussed
sponsoredTracking