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FINANCIAL NEWS
Saudi Jarir Q3 estimated net profit up 47.6%
06 Oct 2011
(MENAFN) Jarir Marketing Company (JMC) said that the company’s estimated net profit in the third quarter surged 47.6 percent from 2010’s USD27 million to USD40.5 million, reported Arab News.
The Saudi firm added that the expected operating profit hiked 46.2 percent from last year’s same quarter to USD39.9 million, whereas forecasted gross profit in the quarter went up 44 percent form a year ago to USD48.7 million.
It also said that during the January-September period, estimated net profit climbed 30.4 percent from the same period in 2010 to USD103 million, while operating profit forecasted during the period recorded an increase of 29.8 percent from last year to USD102 million.
It is worth noting that the increase in net profit in 2011 compared with last year resulted from the huge rise in sales of smart phones and laptops (mainly Tablet PCs), in addition to the higher turnover of Jarir showrooms inside and outside the Kingdom, and the launch of new branches in 2011.
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