DUBAI May 9 Shares of companies that beat
quarterly earnings estimates outperformed on Tuesday as Gulf
markets were held in check by crude oil trading below $50 a
barrel for a third session.
Shares of Saudi Arabian electronics and bookstore retailer
Jarir were up 5.8 percent to 141.0 riyals after it
reported a 26.5 percent rise in first quarter net profit,
beating analysts' forecasts.
The company's board also recommended distributing 2.2 riyals
per share for the period, higher than the 1.75 riyals it paid
out in the prior year period.
Jarir's top line rose by 20.3 percent in the period helped
by rising sales of smartphones and sales of goods to schools.
Analysts at Riyadh-based Alrajhi Capital said revenue growth
was probably driven by new store openings after Jarir opened a
record seven retail stores in the last four quarters. Alrajhi
Capital said like-for-like SALES? growth at existing stores came
in better than estimated.
The Saudi index, however, fell 0.2 percent as a
little over half of the traded shares declined.
In Dubai, the index was up 0.2 percent as shares of
Dubai Financial Market, the only listed stock exchange
in the Gulf, rose 1.7 percent after its first quarter net profit
jumped by almost a fifth.
In neighbouring Abu Dhabi, the index was flat, but
shares of the largest listed developer Aldar Properties
rose 1.8 percent after its net profit attributable to
shareholders for January to March came in at the upper end of
analysts' estimates, although slightly lower than a year
(Reporting by Celine Aswad; Editing by Susan Fenton)