Riyadh – Mubasher: Saudi Arabia-based Jarir Marketing Company on Thursday reported a 16.4% year-on-year profit rise in the third quarter of 2018. 

Total profits amounted to SAR 338.6 million ($90.27 million) during Q3-18, compared to SAR 290.7 million ($77.50 million) in Q3-17, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits levelled up 59.3% in the July-September period, from SAR 212.5 million.

Revenues jumped 17% to SAR 1.93 billion in Q3-18, from SAR 1.65 billion in the corresponding period of 2017.

The firm’s net profits after calculating Zakat and Tax levelled up 16.8%, reaching SAR 288 million from July to September, compared to SAR 246.5 million in the prior year period. 

Jarir ascribed the third-quarter profit hike to a rise in sales driven by a growth in smartphones’ sales, coupled with a decline in selling and marketing expenses.

During the first nine months, the Saudi firm’s profits rose 8.62% to SAR 793.8 million, up from SAR 730.8 million during the year-ago period.

“These estimated financial results for the period ended September 30, 2018 are prepared by the management of the Company and these results are not reviewed by the external auditors,” the statement added.

Sales grew 5.7% to SAR 5.2 billion from January to September, compared to SAR 4.9 billion in the corresponding month a year earlier.

Jarir’s net profits after calculating Zakat and Tax increased 8.77% year-on-year to SAR 669.7 million in the nine-month period, compared to SAR 615.7 million.

Earnings per share (EPS) amounted to SAR 7.4 in 9M-18, compared to SAR 6.8 in the same period in 9M-17.

Jarir's stock rose 1.91% to end Wednesday's trading at SAR 184.40.