Jarir Marketing Q3 net profit climbs 9pc

13/10/2014 19:13 AST

Saudi Arabian retailer Jarir Marketing met analyst expectations as it posted a 9 per cent increase in third-quarter net profit on Monday due to higher sales.

Jarir made a net profit of SR203 million ($54.1 million) in the three months to September 30, up from SR186.2 million in the prior-year period, according to a filing to Riyadh's bourse.

Eight analysts polled by Reuters had forecast, on average, a quarterly net profit of SR205.9 million.

The company said the earnings increase was due to higher sales in all segments apart from computers and peripherals.

Its estimated third-quarter turnover rose 6.9 per cent year on year to SR1.43 billion.

Jarir added it had opened five of the seven new showrooms planned for 2014 but the remaining two had been pushed to the first quarter of 2015 due to construction delays.


Reuters

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