Saudi Retailer Jarir Marketing Q2 Net Profit Rises 7.1%

Saudi Arabia’s Jarir Marketing posted a 7.1 per cent increase in second-quarter profit on Monday as the retailer recorded higher sales.

Jarir made a net profit of SAR135.2 million ($36.1 million) in the three months to June 30, up from SAR126.2 million in the prior-year period, according to a filing to Riyadh’s bourse.

The company said the increase was due higher sales in all segments apart from computers. It operated 35 stores in the second quarter, compared to 32 a year ago.

Jarir’s estimated second-quarter turnover rose 2.5 per cent to SAR1.29 billion.

The firm plans to open at least seven new shops this year, of which three are already operational, it said.