Riyadh – Mubasher: Jarir Marketing Co. reported a 6.66% year-on-year net profit growth in the first quarter of 2019.

The Saudi-based firm’s net profits, after zakat and taxes, amounted to SAR 233.7 million ($62.31 million) in Q1-19, compared to SAR 219.1 million ($58.42 million) in the year-ago period, according to a statement to the Saudi Stock Exchange (Tadawul) on Sunday.

The profit increase was attributed to higher sales, particularly of smart phones and computers.

In addition, raising the number of showrooms to 56 from 52 has also contributed to the profit increase.

Although estimated sales grew 18%, estimated net income only went up 6.7% on the back of higher sales and marketing expenses and increased general and administrative expenses and non-operating expenses.

Moreover, Jarir’s revenues rose 17.9% year-on-year to SAR 1.89 billion, compared to SAR 1.6 billion in Q1-18.

Quarter-on-quarter, the firm’s profits declined 19.5% from SAR 290.3 million in Q4-18.

For the full-year 2018, Jarir’s profits, after calculating zakat and tax, rose 10.64% to SAR 960 million, compared to SAR 867.7 million in 2017.