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Jarir Bookstores’ estimated profit plummets over 11% YoY in Q1-24

Jarir Bookstores’ estimated profit plummets over 11% YoY in Q1-24
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JARIR
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-13.68% 13.12 -2.08

Riyadh – Mubasher: The estimated net profit of Jarir Marketing Company (Jarir Bookstores) dropped 11.50% year-on-year (YoY) to SAR 219.30 million in the first quarter (Q1) of 2024 from SAR 247.80 million in the similar quarter of 2023.

Revenues declined by 2.49% YoY to SAR 2.64 billion in Q1-24 from SAR 2.71 billion in Q1-23, according to the estimated financial results.

The earnings per share (EPS) amounted to SAR 0.18 in the first three months (3M) of 2024, down from SAR 0.21 the year before.

Quarter-on-quarter (QoQ), the company’s net profit plunged 19.72% YoY between January and the end of March 2024 from SAR 273.20 million in the previous quarter, while revenues went down by 5.44% QoQ from SAR 2.80 billion.

In 2023, the net profits of Jarir Bookstores inched higher to SAR 973 million from SAR 969.80 million a year earlier.