Font Size

- Aa +

Thu 6 Oct 2016 06:19 PM

Font Size

- Aa +

Saudi retailer Jarir reports flat Q3 net profit

One of Saudi Arabia's largest retailers says it made net profit of $58.7m in the three months to Sept 30

Saudi retailer Jarir reports flat Q3 net profit

Jarir Marketing, one of Saudi Arabia's largest retailers by market value, posted flat third-quarter net profit on Thursday, and noted a drop in its non-operating expenses.

It made a net profit of 220 million riyals ($58.7 million) in the three months to Sept. 30, from 218.5 million riyals in the same period a year earlier, it said in a bourse statement.

Jarir warned on March 8 that its sales would plunge by as much as 30 percent in the first quarter of this year, the result of a decline in consumer spending as low oil prices weakened the kingdom's economy.

For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.