Saudi retailer Jarir posts 8% rise in Q2 profit
Smartphones, tablets and games drive sales at Al Jarir
Jarir Marketing Co, Saudi Arabia’s largest stationery and electronic products retailer, said on Saturday its second-quarter profit increased 8.4%.
The company said in a statement to the Saudi bourse that it saw an increase in sales of all Jarir categories specially smartphones, tablet PCs and video games.
It said estimated net profit reached SR106.8m compared to SR98.5m in the same period last year.
However net income was down by 35% compared to the previous quarter, the statement said.
The estimated net profit for the first half of the year was up 15.2% at SR271m, it added.
"The reason for the rise in the estimated net profit over the same period last year was due to increase in the sales of all Jarir categories specially smart phones, Tablet PCs, and video games in addition to opening new showroom in Yanbu," the statement said.
The decline in the estimated net profit for the second quarter compared to the first quarter was due to seasonal nature of the sales, as the second back to school season was included in the first quarter of this year, it added.