KSA’s Jarir posts growth in first-quarter profits, plans further expansion

April 8, 2014 9:42 am

Saudi-based Jarir Marketing has reported an 11.3% rise in first-quarter net profit, despite a decline in year-on-year sales growth, Reuters has reported. Jarir said it made SR201.3m ($53.7m) in the first three months of 2014, compared with SR180.8m in the same period a year ago. The growth was slower than that posted in the same quarter last year because of a decline in computer sales, it said without giving details. The retailer plans to open at least seven new showrooms in 2014, of which two began operations in the first three months of the year, the firm added.