Riyadh – Mubasher: Jarir Marketing Company on Monday announced a 26.51% increase in profits for the first quarter of 2017, compared to Q1-16, while quarter-on-quarter profits rose 33%.
Profits reached SAR 221.4 million in Q1-17, compared to SAR 175 million in Q1-16, according to a filing to the Saudi Stock Exchange (Tadawul).
Jarir attributed the growth in net profits to the increase in electronics sales in the retail sector, namely the growth in smartphone and wholesale sales, and the decrease in sales and distribution expenses.
Sales grew 20.3% to reach SAR 1.71 billion in Q1-17, compared to SAR 1.42 billion in the corresponding quarter in the year earlier.
The stock closed at SAR 133.12, after losing 0.47% on Monday.
