JEDDAH: Saudi Arabian retailer Jarir Marketing said its second-quarter net profit climbed 17.9 percent on the back of increased sales, with smart phones the primary driver.
The retailer said its net profit was SR 126.2 million for the three months to June 30, up from SR 107 million in the corresponding period of 2012, a statement to Saudi bourse showed.
However, the results slightly missed the average forecast of analysts polled by Reuters, which expected a net profit of SR 128.9 million.
Jarir’s total turnover in the second quarter was SR 1.26 billion, up 18.1 percent on the same three months last year.
Net profit for the first six months of 2013 was SR 307.1 million, up 13.2 percent year-on-year, the statement said.
Jarir Marketing profit up 17.9%
