Riyadh – Mubasher: Jarir Market Company on Wednesday posted a 10.01% year-on-year increase in its net profits for the second quarter of 2018, bringing the profit growth during the first six months of the year to 3.39%.

Net profits amounted to SAR 162.2 million in the period between April to June, compared to SAR 147.8 million in Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, the Saudi firm's profits tumbled 25.79% in Q2-18, from SAR 219.1 million.

Jarir attributed the growth in its second-quarter profit to a rise in retail sales of electronics section, coupled with higher smartphone sales and an improvement in some sections' profit margins.

Total estimated shareholder's equity, excluding minority interest, advanced 5.7% to SAR 1,562.2 million as of 30 June 2018, versus SAR 1,477.8 million in the prior-year period, the statement added.

Jarir’s profits reached SAR 381.7 million in H1-18, compared to SAR 369.2 million in H1-17.

The company ascribed the rise of its first-half net profits to a relative improvement in profit margins of some sections, a decline in distribution and selling expenses, and a drop in administrative and general expense.

Jarir’s stock inched down 0.22% to close Tuesday at SAR 180.