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Thu 7 Jan 2016 05:34 PM

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Saudi retailer Jarir posts flat Q4 net profit

Jarir Marketing says it made net profit of $55.4m in the three months to Dec 31

Saudi retailer Jarir posts flat Q4 net profit
(Getty Images - Photo for illustrative purposes only)

Jarir Marketing, one of Saudi Arabia's largest retailers by market value, posted a fourth-quarter net profit flat to the previous year on Thursday, in line with analysts' estimates.

It made a net profit of 208.1 million riyals ($55.4 million) in the three months to Dec. 31, up from 205.8 million riyals in the same period a year earlier, it said in a bourse statement.

Four analysts polled by Reuters had on average forecast Jarir would make a quarterly net profit of 218.2 million riyals.

The company said the earnings increase was due to higher sales of high-margin products as well as a decrease in expenses and lower financial charges.

Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.

Turnover in the fourth quarter was 1.52 billion riyals, down 3.8 percent on the same three months of 2014.

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