By: Thabet Shehata

Riyadh – Mubasher: The net profits of the Saudi retail sector’s companies fell 12.6% year-on-year to SAR 574.8 million ($153.3 million) in the second quarter of 2016 from SAR 657.8 million ($175.4 million).

The companies’ net profits lost 19.3% to SAR 1.19 billion in the first half of 2016 from SAR 1.47 billion in the year-ago period, according to statistics by Mubasher.

Operating profits decreased 10.9% to SAR 597 million and 15.6% to SAR 1.2 billion in Q2-16 and H1-16, respectively.

Jarir Marketing achieved the highest profits of SAR 128.5 million in the second quarter of 2016, falling 17%. It also recorded a 24.7% fall in profits to SAR 302.6 million in H1-15.

Middle East Healthcare Company (MEAHCO) profits were down 16% to SAR 77million in Q2-16.

The company also posted a decline of 7.6% in profits of the first half to SAR 182.22 million.

Mubasher noted that all the sector’s companies posted net profits in Q2-16 except for Fitaihi Holding Group and Al Khaleej Training and Education.

Fitaihi Holding Group achieved losses of SAR 5 million in Q2-16 versus SAR 21.54 million profits in Q2-15.

Al Khaleej Training and Education also announced SAR 4 million losses in Q2-16 against SAR 16.74 million profits in Q2-15.

Al Hammadi Company for Development and Investment lost 43.3% to SAR 21 million in Q2-16 from SAR 36.89 million in the year-ago period, to lead the companies that announced fall in their net profits.

Translated by: Sara Ghali