Jarir Marketings 2019 profit rises on smartphone sales

Riyadh – Mubasher: Jarir Marketing Company reported a 2.57% year-on-year profit increase during 2019.

Net profits after zakat and taxes amounted to SAR 984.7 million last year, compared to SAR 960 million in 2018, the company said in a statement to the Saudi Stock Exchange (Tadawul) on Thursday.

The rise in profits was ascribed to higher sales of most retail sections, especially smartphone and computer sales.

Revenues rose by 14.4% to SAR 8.42 billion during the 12-month period ended 31 December 2019, compared to SAR 7.36 billion a year earlier.

On the other hand, selling and marketing expenses as well as non-operating expenses (zakat and financing costs) increased, while net other income declined.

It is noteworthy that during the first nine months of 2019, Jarir Marketing Company reported net profits of SAR 707.8 million, rising by 5.6% year-on-year from SAR 669.7 million.

Source: Mubasher

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