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Wed 8 Jul 2015 03:11 PM

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Saudi's Jarir Marketing Q2 net profit rises 14.6%

Saudi Arabia's second-largest retailer says estimated turnover for quarter increased by 9%

Saudi's Jarir Marketing Q2 net profit rises 14.6%
Saudi shoppers. (Photo for illustrative purposes only)

Jarir Marketing, Saudi Arabia's second-largest retailer by market value, posted a 14.6 percent rise in second-quarter net profit on Wednesday, falling slightly short of analysts' forecasts.

It made a net profit of 154.9 million riyals ($41.3 million) in the three months ending June 30, compared to 135.2 million riyals in the same period a year earlier, it said in a bourse statement.

Seven analysts polled by Reuters had forecast, on average, a quarterly net profit of 158.7 million riyals.

The company said the earnings increase was partly due to higher sales of all goods, especially electronic items.

Estimated turnover for the quarter was 9 percent higher than the same period of last year at 1.41 billion riyals, it said.

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

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