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FINANCIAL NEWS
Saudi Arabia- Jarir reports 10% rise in Q1 profits
08 Apr 2010
(MENAFN) Jarir Marketing, an office supplies and electronics retailer based in Saudi Arabia, said that its net profit rose by 10 percent in the first-quarter of 2010 compared with a year earlier on higher sales, Reuters reported.
Jarir said in a statement that it earned $31.5 million in the three months to end-March compared to $28.5 million a year earlier. First-quarter sales rose by 20 percent to $212 million led mainly by higher smart phone sales and a rise in the number of its stores to 28 from 24 a year earlier.
Electronics sales have been driving growth but these products carry lower margins than the other products that Jarir sells, such as books and office supplies, two brokerage firms said commenting the results.
In February, Jarir said it expects new stores to boost its net profit by at least 15 percent this year, which is higher than profit growth last year.
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