Saudi's Jarir Marketing Q1 net profit rises 22.7 pct, beats forecasts

07/04/2015 10:02 AST

Jarir Marketing, Saudi Arabia's second-largest retailer by market value, posted a 22.7 percent rise in first-quarter net profit on Wednesday, beating analysts' forecasts.

It made a net profit of 247 million riyals ($65.9 million) in the three months to March 31, compared to 201.3 million riyals in the same period a year earlier, it said in a bourse statement.

Four analysts polled by Reuters had forecast, on average, a quarterly net profit of 231.21 million riyals.

The company said the earnings increase was due to strong sales in all sections of its business, especially electronic items, as well as increased consumer spending power as a result of a two-month salary bonus for the kingdom's state employees announced in January.


Reuters

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