Riyadh – Mubasher: The initial income statements of Jarir Marketing Co showed a decline of 18.15% in profits during the first quarter of 2018 compared to the same period in the previous year.

Earnings decreased to SAR 219.1 million in Q1-18 from SAR 221.4 million in Q1-17, according to a bourse filing on Thursday.

Jarir noted that the drop in Q1 profits is attributed to a decline in retail sales that were driven mainly lower sales of electronics and computers sections, in addition to a drop in sales of the wholesale sector.

Estimated sales for Q1-18 stood at SAR 1.6 billion, 6.2% lower than SAR 1.7 billion in Q1-17.