Riyadh – Mubasher: Jarir Marketing reported a 3.46% year-on-year growth in the first quarter of 2016, according to a bourse statement.

Profits reached SAR 215.3 million ($57.4 million) in Q4-16, compared to SAR 208.1 million ($55.5 million) in Q4-15.

The profit rise is mainly attributed to a rise in sales of electronic section mainly smart phones and a decrease in selling and distribution expenses.

Profits went down 10.94% to SAR 737.9 million in 2016, compared to SAR 828.5 million in 2015.

The decline of annual profits is mainly attributed to a decrease in retail sales of computers, computer supplies, video games and office supplies in 2016 as compared with the same period last year.

The estimated turnover amounted to SAR 1.79 billion in the fourth quarter, up 17.7% from SAR 1.524 billion.

In 2016, the estimated turnover fell 4% to SAR 6.12 billion from SAR 6.375 billion last year.