Riyadh – Mubasher: Jarir Marketing Company announced the estimated financial results for the three-month period ended 30 June 2019.

Net profits after zakat and tax increased by 3.9% to SAR 169.1 million in Q2-19, compared to SAR 162.6 million in Q2-18, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Sunday.

Revenues of the Saudi-based company levelled up 11.7% to SAR 1.89 billion by the end of June, against 1.69 billion in the same period the year before.

The increase in profits comes due to hike in sales of most of the sections particularly electronics section driven by smartphones sales, and computers section, in addition to the increased number of showrooms to 58 instead of 52, which contributed to increased retail sales.

“Despite estimated sales increase of 11.8%, estimated net income increase was limited to 4.0% due to relative decline in profit margins attributed to promotional price offers for increased market share and change in sales mix, and due to operating costs of the new showrooms and increased non-operating expenses,” the statement highlighted.

As for the first half of 2019, Jarir Marketing reported a 5.52% year-on-year increase in its profits, recording SAR 402.8 million.

The company’s revenues advanced by 14.7% to SAR 3.77 billion during the six-month period ended in June, from SAR 3.29 billion in H1-18.