Saudi’s Jarir Marketing Q2 net profit jumps 17.9 pct, misses view

Saudi Arabian retailer Jarir Marketing said on Sunday its second-quarter net profit climbed 17.9 percent on the back of increased sales, with smart phones the primary driver.

The retailer said its net profit was 126.2 million riyals (USD33.7 million) for the three months to June 30, up from 107 million riyals in the corresponding period of 2012, a statement to Saudi bourse showed.

However, the results slightly missed the average forecast of analysts polled by Reuters, which expected a net profit of 128.9 million riyals.

Jarir’s total turnover in the second quarter was 1.26 billion riyals, up 18.1 percent on the same three months last year.

Net profit for the first six months of 2013 was 307.1 million riyals, up 13.2 percent year-on-year, the statement said.

reuters


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