Jarir Marketing Company announces the estimated financial results for the period ending on 30-06-2024 (Six Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 2,650 | 2,435.7 | 8.798 | 2,649.8 | 0.007 |
| Gross Profit (Loss) | 262.5 | 239.6 | 9.557 | 294.7 | -10.926 |
| Operational Profit (Loss) | 189 | 174.8 | 8.123 | 237.5 | -20.421 |
| Net profit (Loss) | 171.1 | 155.8 | 9.82 | 219.3 | -21.979 |
| Total Comprehensive Income | 169.2 | 155.4 | 8.88 | 214.2 | -21.008 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 5,299.8 | 5,153.4 | 2.84 |
| Gross Profit (Loss) | 557.1 | 563.3 | -1.1 |
| Operational Profit (Loss) | 426.5 | 439.3 | -2.913 |
| Net profit (Loss) | 390.4 | 403.5 | -3.246 |
| Total Comprehensive Income | 383.4 | 393.2 | -2.492 |
| Total Shareholders Equity (after Deducting Minority Equity) | 1,651 | 1,684.7 | -2 |
| Profit (Loss) per Share | 0.33 | 0.34 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | Reasons for increase
- An increase in sales of several sections, led by the smartphones, computers, and video game sections, which resulted in an increase in total sales by 8.8%. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Reasons for increase
- An increase in sales by 8.8%, and accordingly an increase in gross profit. Profit margins witnessed relative stability on sales as a whole, with direct operating costs remaining stable despite the increase in sales, which resulted in an increase in gross profit at a higher percentage than the percentage of sales increase. Despite the increase in selling and marketing expenses and the increase in general and administrative expenses, the increase in gross profit and the increase in other income resulted in an increase in net profit by 9.8%. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | Reasons for increase
Although the second quarter usually achieves the lowest quarterly sales, the sales of the current quarter slightly exceeded the sales of the previous quarter of the current year driven by the increase in sales of video games and smartphone accessories compared to the previous quarter. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | Reasons for decrease
Despite the slight increase in sales for the current quarter compared to the previous quarter of the current year, the decrease in the net profit is due to - Relative decline in the profitability margin of some sections and a change in the sales mix towards the relatively less profitable sections. - Increased selling and marketing expenses, and the administrative and general expenses - Decrease in other income. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | Reasons for increase
- An increase in sales of several sections, led by smartphones, video games and computers sections, which led to an increase in total sales by 2.8%. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Reasons for decrease
- Despite the increase in sales by 2.8%, the gross profit witnessed a decrease by 1.1%, mainly due to the change in the sales mix towards the relatively less profitable divisions. - In addition to the decrease in gross profit, the increase in selling and marketing, and the administrative and general expenses resulted in a decrease in net profit by 3.2%. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | These estimated financial results for the period ended June 30, 2024 are prepared by the management of the Company and have not yet been reviewed by the external auditor. |
| Reclassification of Comparison Items | None |
| Additional Information | The comprehensive income is less than net profit in all presented periods which is mainly due to the exchange losses related to the subsidiary in Egypt as a result of the Egyptian authorities’ decision to devalue the Egyptian pound against foreign currencies, including the Saudi Riyal.
Earnings per share for all presented periods are calculated based on the number of shares of the company amounting to 1,200 million shares after splitting each share into ten shares as decided by the extraordinary general assembly held on May 30, 2023. The company adopts the cost model for measurement of investment properties. |
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