Riyadh – Mubasher: Jarir Marketing on Monday announced the opening of a new showroom in Dammam, Saudi Arabia, at SAR 24 million ($6.40 million) in investments.
This new showroom, which includes of all Jarir’s products under the Jarir Bookstore brand, was opened on Sunday and is the sixth showroom to be opened since the start of 2017, Jarir said in a filing to the Saudi Stock Exchange (Tadawul).
Saudis represent 68% of the total staff in the new showroom, the company said, highlighting that the financial impact of the newest opening will be reflected in Jarir’s financial results for the fourth quarter of 2017.
Covering an area of 4,349 square metres, the new Dammam showroom marks the 41st showroom by Jarir in Saudi Arabia and the 50th in all of the company’s brands both inside and outside the country.
Jarir Marketing last reported a 13.13% year-on-year profit increase to SAR 246.5 million in the third quarter of 2017 from SAR 217.9 million.
The company opened another showroom in Q4-17 at SAR 60 million investments on 16 October in Hufouf region.
Also in October, Albilad Capital projected that Jarir Marketing’s profits will rise by 14.96% in 2017 to SAR 853 million, compared to SAR 742 million in 2016.
Jarir Marketing saw a strong performance in the third quarter of 2017 due to increase in the number of its showrooms as well as the rise in market shares in the electronics sector, Albilad said.
