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FINANCIAL NEWS
Saudi retail firms profit up 11.2 percent in Q3
21 Dec 2014
(MENAFN) The Saudi’s retail firms’ net profit registered a growth by 11.2 percent to USD213.85 million during the July-September period of this year compared to USD192.41 million in the same period last year, Arab News reported.
Despite the registered increase in their net profit, the sales of the retail sector marginally dropped by 1.05 percent to USD2.01 billion during the third quarter of this year compared to USD2.03 billion in the same period last year.
The sector, which comprises of 14 listed companies, has a market capitalization worth USD19.76 billion, while their capitals stood at USD2.16 billion during this quarter, with Fawwaz Abdulaziz Al-Hokair & Co registering the highest sales of the retail sector during the third quarter, reaching USD537.96 million compared to USD442.08 million during the second quarter of 2014.
Meanwhile, Jarir Marketing’s sales increased by 11 percent to USD380.83 million compared to USD343.55 million, while its profits grew by 50.2 percent to USD54.06 million compared to USD36 million,
During the same period, sales of Al-Othaim Markets dropped by 20 percent to USD322.24 million compared to USD402.14 million during the corresponding period last year, while its profits declined18.3 percent to USD11.26 million compared to USD13.78 million in the same period in 2013.
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