Jarir Marketing Q1 net profit down 29.5pc

10/04/2016 15:10 AST

Jarir Marketing, one of Saudi Arabia's largest retailers by market value, posted a 29.5 per cent fall in first-quarter net profit on Sunday, below analysts' estimates, as sales fell, especially of smart phones and other electronics.

It made a net profit of SR174.1 million ($46.4 million) in the three months to March 31, down from SR247 million in the same period a year earlier, it said in a bourse statement.

Five analysts polled by Reuters had on average forecast Jarir would make a quarterly net profit of SR195.3 million.

The company said the earnings decrease was partly due to lower sales of most goods, especially of electronics, smart phones, computers and computer supplies.

It noted that during the same quarter last year, Saudi King Salman ordered the payment of two months' extra salary and pensions to government employees and retirees, boosting the firm's quarterly sales to a record level.

Turnover in the first quarter was SR1.42 billion, down 25.8 per cent on the same three months of 2015.

Jarir warned on March 8 that its sales would plunge by as much as 30 percent in the first quarter of this year, the result of a decline in consumer spending as low oil prices weakened the kingdom's economy.


Reuters

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