SR208.1m Q4 profit for Jarir Marketing

SR208.1m Q4 profit for Jarir Marketing
Updated 07 January 2016

SR208.1m Q4 profit for Jarir Marketing

SR208.1m Q4 profit for Jarir Marketing

JEDDAH: Jarir Marketing, one of Saudi Arabia’s largest retailers by market value, posted a fourth-quarter net profit flat to the previous year.
It made a net profit of SR208.1 million ($55.4 million) in the three months to Dec. 31, up from SR205.8 million in the same period a year earlier, it said in a bourse statement.
Four analysts polled by Reuters had on average forecast Jarir would make a quarterly net profit of SR218.2 million.
The company said the earnings increase was due to higher sales of high-margin products as well as a decrease in expenses and lower financial charges.
Turnover in the fourth quarter was SR1.52 billion, down 3.8 percent on the same three months of 2014.