DUBAI Jan 9 Jarir Marketing, one of
Saudi Arabia's largest retailers, reported a 3.5 percent
increase in fourth-quarter net profit on Monday as sales of
electronic goods rose.
It made a net profit of 215.3 million riyals ($57.4
million)in the three months to Dec. 31, up from 208.1 million
riyals in the same period a year earlier, it said in a bourse
Six analysts polled by Reuters had on average forecast Jarir
would make a quarterly net profit of 203.0 million riyals.
The company said the improvement was due to rising demand
for electronic items, mainly smart phones, and an increase in
the number of its stores to 45 from 40. Selling and distribution
costs fell, it said.
Saudi companies issue brief earnings statements early in the
reporting period before publishing more detailed results later.
Estimated turnover in the fourth quarter was 1.79 billion
riyals, up 17.7 percent on the same three months of 2015.
The company, which operates in Egypt through its
wholly-owned subsidiary Jarir Egypt Financial Leasing Co, said
shareholder's equity took a 73 million riyal hit due to
volatility arising from the flotation of the Egypt pound
Egypt's central bank abandoned the pound's peg of 8.8 pounds
to the dollar, allowing the currency to float freely, in an
effort to attract inflows of capital and crush a booming black
market in dollars.
($1 = 3.7490 riyals)
(Reporting by Tom Arnold, editing by Louise Heavens)