RIYADH: Jarir Marketing, one of Saudi Arabia’s largest retailers by market value, missed analysts’ estimates on Tuesday as it posted a 17 per cent fall in second-quarter net profit amid a decrease in sales of computers and office supplies.
It made a net profit of SR128.5 million ($34.3 million) in the three months to June 30, down from SR154.9 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 SR153.1 million. Among the reasons given for the earnings decrease was a decline in sales of computers and computer supplies, lower gross profit margin, and an increase in selling and distribution expenses as part of its efforts to expand market share.
Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later. Turnover in the second quarter was SR1.39 billion, down 1.1 per cent on the same three months of 2015.
