By: Mohamed Idris
Riyadh – Mubasher: Jarir Marketing's chairman said on Wednesday that the company had set aside a provision for the probable losses resulting from the Egyptian pound's devaluation.
On the sidelines of the Third Saudi Conference for Investment and Securities, chairman of Jarir Muhammad Al Agil added that there are negative impacts on the company's investments in Egypt due to the flotation.
Al Agil did not mention the value of the aforementioned provision.
The Central Bank of Egypt (CBE) decided on 3 November to fully float the EGP against foreign currencies and leave the exhange rate to the supply and demand mechanisms.
Jarir stated earlier that the negative impact will mainly arise from Jarir Egypt Financial Leasing Co, a wholly-owned subsidiary of Jarir Marketing Co, and of which the functional currency is the Egyptian pound.
Al Agil expected that the electronic trading of the company would grow 2%, equivalent to SAR 100 million.
The chairman also noted that two to three showrooms will be inaugurated in the second quarter of 2017.
Translated by: Sara Ghali
