Riyadh – Jarir Marketing Company has achieved a net profit after Zakat and tax of SAR 251.7 million over the first quarter (Q1) of 2020, 7.7% higher than SAR 233.7 million in the same period in 2019.
Revenues surged by 24% on an annual basis, reaching SAR 2.3 billion in Q1-20 when compared to SAR 1.8 billion in Q1-19, according to a statement to the Saudi Stock Exchange (Tadawul) on Thursday.
The surge in the interim results is due to higher sales in most sections, particularly the electronics department. Moreover, the number of showrooms grew to 60 from 56 and boosted the company's retail sales.
In addition, the net profit increase was limited to 7.7% due to a relatively lower profit margin.
The company's board of directors recommended a cash dividend distribution of SAR 204 million or SAR 1.70 per share to shareholders for Q1-20, equivalent to 17% of the share’s nominal value.
Eligibility of dividends will be to shareholders on the maturity date scheduled on Monday, 15 June 2020 and those registered at the Securities Depository Center Company (Edaa) at the end of the second trading day following the maturity date.
In 2019, Jarir Marketing’s net profits after zakat and taxes amounted to SAR 984.7 million, compared to SAR 960 million in 2018, posting a 2.57% annual profit rise.
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