Riyadh – Mubasher: Jarir Marketing Co. on Sunday posted strong results for the third quarter and first nine months of 2018.
The company achieved SAR 288 million ($76.78 million) in net profit after zakat and tax in Q3-18, up 16.84% year-on-year from SAR 246.5 million ($65.72 million).
Revenues also grew 16.9% to SAR 1.932 billion in Q3-18 from SAR 1.652 billion in the same period of 2017, Jarir Marketing said in a filing to the Saudi Stock Exchange (Tadawul).
Operating profits amounted to SAR 285.1 million, up 17.6% year-on-year from SAR 242.4 million in Q3-17.
Jarir Marketing attributed the profit hike to a rise in sales for most of the company's sectors, particularly electronics on the back of higher smartphone sales added to an increase in the number of Jarir's showrooms to 53 from 49, which contributed to higher retail sales.
As for the period from January to September 2018, Jarir Marketing logged SAR 669.7 million in net profit after zakat and tax, registering an 8.77% increase from SAR 615.7 million in the same period of 2017.
The retail products provider also ascribed its nine-month profit growth to increasing the number of its stores to 53, added to a profit margin improvement on the back of continued improvement in the management of its products.
Jarir also registered lower selling and marketing expenses during the nine-month period, it said.
Operating profits rose 10.7% year-on-year to SAR 651.6 million by the end of the first nine months of 2018 from SAR 588.6 million, while revenues amounted to SAR 5.225 billion, a rise of 5.7% from SAR 4.942 billion in the nine months to September 2017, Jarir Marketing's statement showed.
Jarir's earnings per share (EPS) amounted to SAR 5.58 between January and September 2018 against SAR 5.13 in the same period of 2017.
The Saudi retailer previously posted at 10% year-on-year rise in net profits to SAR 162.2 million in Q2-18 from SAR 147.8 million
By 10:21 am Saudi time, Jarir's stock gained 1.08% to SAR 149.80.
