By Mohammed Abu Meleeh

Riyadh-Mubasher: Jarir Marketing Co. (JMC) posted higher-than-expected earnings for the first quarter of 2015, said Chairman Mohammed Al-Agil.

He noted that the Saudi retailer had expected Q1 profits to rise by 15%, but they increased by 22.7%, forecasting his company to open two or three branches in the second quarter, which will reflect positively on the earnings.

Analysts expected the full-year earnings to grow by 20%, which is a normal percentage, the Chairman said, adding that Jarir plans to open seven branches in 2015.

Jarir made SAR 247 million net earnings in the first quarter of 2015, rising 22.7% year-on-year from SAR 201.3 million and 20.02% quarter-on-quarter from SAR 205.8 million.

Translated by Abdul Maguid Aboshahla