Saudi retailer Jarir posts 20% rise in Q1 profit
Saudi's largest electronic, stationary retailer sees higher sales of laptops, smartphones
Jarir Marketing Co, Saudi Arabia's largest stationery and electronic products retailer, said on Saturday its first-quarter profit increased 20%.
Net income rose to SR164.2m ($43.7m) from SR136.8m ($36.4m) in the year earlier period on higher sales of laptops and smart phones, the company said in a statement to the Saudi bourse.
The net profit figure was also an increase of 31.6% compared to the fourth quarter of 2011.
"The reason for the increase in the estimated net profit for the first quarter compared to the same period last year was due to increase in sales of all kinds of products specially electronic items like laptops, tablet PCs and smartphones," the company statement said.
The increase of the previous quarter was also driven by an increase in the sale of office and school supplies ahead of the Back To School season in Saudi Arabia.
The company added that turnover also rose as it added new showrooms to take its total to 30.