Riyadh- Mubasher: Jarir Marketing Company posted a 23.24% growth in profits over the second quarter (Q2) of the year, recording SAR 208.4 million in net earnings, compared to SAR 169.1 million in the same period in 2019.
The increase in the interim profits was driven by a rise in sales of some retail departments, owing largely to a surge in online sales at a time when the precautions taken to curb the coronavirus impacted the showrooms’ performance, according to a bourse filing on Tuesday.
Additionally, some operating costs and financing costs slumped.
Sales stood at SAR 2.37 billion in the three-month period ended 30 June, a surge of 25.43% when compared to SAR 1.89 billion in the corresponding period of last year.
In a separate filing, the company said the Board of Directors recommended a cash dividends distribution of SAR 204 million to shareholders for Q2 of the year, equivalent to 17% of the share’s par value or SAR 1.70 per share.
Eligibility of dividends will be to the shareholders at the end of the maturity date scheduled on 17 August 2020, as per the registered shareholders in the register of the Securities Depository Center Company (Edaa) at the end of the second trading day following the due date. The distribution date is 26 August.
