By Majid Al Shabib
Riyadh – Mubasher: Jarir Marketing’s profit decline will not affect its expansion plan, chairman Muhammad Al Agil said on Wednesday, stressing that the third quarter will witness the opening of two new branches, which will result in better financial results.
The lower profits will not have an impact on the cash distributions to shareholders, Al Agil told Mubasher.
He added that the decrease in the profit margins is meant to increase the company’s market share, which is important amid the market’s current situation.
Jarir’s profits fell 17% in the second quarter of 2016 to SAR 128.5 million ($34.26 million) from SAR 154.9 million ($41.3 million) in Q2-15.
Translated by: Sara Ghali
