By: Thabet Shehata
Riyadh – Mubasher: Jarir Marketing achieved SAR 128.5 million ($34.26 million) profits in the second quarter of 2016, falling 17% and 26% compared to Q2-15 and Q1-16, respectively.
The company’s profit reached the lowest quarterly earnings since 2013 and were 11% lower than the expectations of 6 research companies, which estimated profits to be around SAR 144.53 million, according to a statistics by Mubasher.
Jarir pointed out that the decline in Q2 profits was due to the decreasing sales of computers, office supplies and the retail sectors.
Chairman Muhammad Al Agil told Mubasher earlier on Wednesday that Jarir’s profit decline will not affect its expansion plan nor have an impact on the cash distributions to shareholders.
Translated by: Sara Ghali
