Riyadh- Mubasher: Jarir Marketing Company reported profits of SAR 255.2 million during the third quarter (Q3) of 2020, a decline of 16.3% when compared to SAR 305 million in the year-ago quarter.
This drop was ascribed to a decrease in sales of several retail and most wholesale sections as a result of the precautions taken by competent authorities to shift the traditional education method to remote learning to stop the coronavirus pandemic widespread, according to a bourse statement on Sunday.
Revenues amounted to SAR 2.04 billion in the July-September period of 2020, down by 9.5% yearly. Moreover, sales generally were affected by the implementation of value-added tax (VAT) rate increase from 5% to 15%.
In the January-September period, Jarir’s profits levelled up by 1.06% annually, reaching SAR 715.3 million.
