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CMA fines Jarir Marketing SAR 20,000

CMA fines Jarir Marketing SAR 20,000
Jarir also announced wrong information in its statement to Tadawul on 4 November 2018
JARIR
4190
-3.29% 14.70 -0.50

Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) has announced imposing a SAR 20,000 fine on Jarir Marketing Co. due to violating paragraph (a) of Article (61) of the Rules on the offer of securities and continuing obligations.

Jarir also announced wrong information in its statement to the Saudi Stock Exchange (Tadawul) on 4 November 2018 about its interim financial results for the period ending on 30 September 2018, according to the CMA’s statement.

“The company stated in its announcement that all the figures are in "thousands", whereas it should be in "millions"… the company has not published any corrective announcement,” the statement added.

During the full-year 2018, Jarir Marketing’s profits after calculating Zakat and Tax rose 10.64% to SAR 960 million, compared to SAR 867.7 million in the prior year.

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

Jarir’s stock went up 1.06% to close Tuesday’s trading activities at SAR 153.