DUBAI May 8 Jarir Marketing, one of
Saudi Arabia's largest retailers, reported a 26.5 percent
increase in first-quarter net profit on Monday on rising sales
It made a net profit of 221.4 million riyals ($59.04
million) from January to March, up from 175 million riyals in
the same period a year earlier, it said in a bourse statement.
Four analysts polled by Reuters had on average forecast
Jarir would make a quarterly net profit of 179.65 million
The board recommended a quarterly cash dividend of 2.2
riyals per share, it said in a separate statement.
The company said the improvement was due to an increase in
sales of smartphones as it took a bigger share of the market as
well as lower selling and distribution costs.
Turnover in the first quarter was 1.7 billion riyals, up
20.3 percent on the same three months of 2016.
Like other Saudi companies, Jarir Marketing reported its
results under international IFRS accounting standards for the
first time, so some of its figures for last year were restated.
($1 = 3.7503 riyals)
(Reporting by Alexander Cornwell, editing by Louise Heavens)