Jarir Marketing Company reported its initial financial statements for the second quarter of 2019.
Net profits after zakat and tax went up 3.9% to SAR 169.1 million in Q2-19, compared to SAR 162.6 million in Q2-18, according to the company’s filing to the Saudi Stock Exchange (Tadawul) on Tuesday.
The increase in profits was attributed to the rise in sales of most of the sections particularly electronics section driven by smartphones sales, and computers section.
“Increased number of showrooms from 52 to 58 partly contributed to increased retail sales,” the statement said.
The company generates SAR 1.89 billion in revenues for Q2-19, up 11.7% from SAR 1.69 billion in the same period of the previous year.
For the first six months of 2019, Jarir’s net profits increased by 5.52% to SAR 402.8 million, versus SAR 381.7 million in H1-18.
As for revenues, they grew by 14.7% to SAR 3.7 billion in H1-19, from SAR 3.2 billion in the same period a year ago.
Profit per share inched up to SAR 3.36 by the end of June, compared to SAR 3.18 in the corresponding period last year.