Riyadh – Mubasher: Saudi Arabia's Jarir Marketing Co. on Wednesday reported its estimated financial results for the full-year 2018 and the fourth quarter, which showed rises across both periods.

Jarir’s profits after calculating Zakat and tax rose 10.64% to SAR 960 million ($255.94 million) in the period from January to December 2018, up from SAR 867.7 million ($231.33 million) in the corresponding months of 2017, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm attributed the rise in annual profits to a growth in sales of some retail sections, especially the electronics section, an increase in the number of showrooms from 50 to 55, a slight improvement in profit margins for some sections, and a rise in other revenues.

At the level of Q4-18, Jarir’s profits jumped 15.2% year-on-year to SAR 290.3 million from SAR 252 million.

“These estimated financial results for the year ended 31 December 2018 are prepared by the management of the Company and have not yet been reviewed or audited by the external auditor,” Jarir highlighted.

During November, Jarir inaugurated a showroom in Al-Kharj governorate with total investments of SAR 24 million.