Jarir achieves a 3Q 2012 net profit of SR 160.7 million

17/10/2012 14:47 AST

Jarir Marketing Company (JMC) announced its interim consolidated financial results for the period ending 30th September 2012 as follows:

For the third quarter ended 30th September 2012, Jarir achieved a net profit of SR 160.7 million, an increase of 5.1 % as compared to the SR 152.9 million of the same period last year. And an increase of 50.2 % as compared to the SR 107 million of 2nd quarter 2012. The net profit for the nine months ended 30th September 2012 is recorded as SR 431.9 million, increasing 11.3 % as compared from the same period last year (SR 388.2 million).

The gross profit for the third quarter ended 30th September 2012 amounted to SR 193.4 million in comparison with the SR 183.9 million of the same period in 2011, surging 5.2 %. And, the gross profit during the nine months is SR 520.9 million with an increase of 9.8 % compared to the SR 474.5 million of the same period last year.

The operating profit for the third quarter ended 30th September 2012 reached to SR 160 million with an increase of 6 % against the SR 150.9 million of the same period in last year.

The Earnings per share (EPS) for the nine months ended 30th September 2012, amounted to SR 7.20 against SR 6.47 for the same period last year, Earning per Share for last year has been modified after the capital increase from 40 to 60 million shares, which has been approved end of 2011).

The operating profit during the nine months period reached to SR 427 million against SR 383.6 million of the same period last year, advancing 11.3 %.

The turnover for the third quarter ended 30 September 2012 amounted to SR 1,189.8 million, showing a drop of 1.6 % compared to the SR 1,208.9 million of the same period in 2011, is due to the decline in sales of smart phones as customers are waiting for the new releases of smart phones with latest technology, while the sales of all other sections have been increased.

The turnover for the nine months amounted to SR 3,451.9 million, an increase of 10.5 % against SR 3,122.8 million of the same period last year, due to the growing turnover of all Jarir sections as well as the increase of Jarir branches to 32 inside and outside Saudi Arabia

The reason for the increase in the net profit was due to the growing turnover of all Jarir sections except the smart phones, in addition to opening two new showrooms in Yanbu and Riyadh as well as the increase of Jarir showrooms to 32 inside and outside Saudi Arabia.

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