Jarir Marketing, Saudi Arabia’s largest retailer by market value, posted a 7.6 percent rise in third-quarter net profit on Thursday, in line with analysts’ forecasts.
It made a profit of 218.5 million riyals ($58.3 million) in the three months to September 30, up from 203 million riyals in the same period a year earlier, it said in a bourse statement.
Five analysts polled by Reuters had on average forecast Jarir would make a quarterly net profit of 223.9 million riyals.
The company said the earnings increase was due to a rise in sales, four new showrooms and lower financial charges on loans.
Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.
Turnover in the third quarter was 1.54 billion riyals, up 7.7 percent on the same three months of 2014.
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